The paper 'CaseLow Turnitin Proportion' is a great example of a Business Assignment. Before venturing into any business, I first consider a number of factors: they include; naming of the business appropriately, the kind of structure that will be employed in the new business either a sole proprietorship, partnership or corporation. Apart from such considerations, legal issues, location, and taxation has to be placed into consideration. The name of the business that is to be started business will be Easy World Communications. After naming the business, a second decision is yet to be made (Ryan 234). After comparing all the business structures, I will come up with the one that is appropriate for me.
Amongst the different structures are, sole proprietorship, which is owned by one person, is easy to start and operate; this is because it requires little capital to start. In this kind of business structure, the business owner is liable for any liabilities that may arise in the operation of the business. A sole trader is flexible in his business operations as he can switch to another business in case the one he is operating on is not fruitful.
The owner has full control over the business. The sole trader cannot be sacked, as he is the only one in the judge of each operation in the business (Ruston 72). On the contrary, a sole trader has no back-up to motivate the owner in the business. A person operating a business alone may easily get discouraged hence closing down the business. A person working alone will not have all the required skills that are required in a business.
Customers are always looking for those businesses that have well-skilled personnel (Palmer et al. 81). The partnership is the second structure of the business. Contributions are made amongst those who have come into partnership with the aim of making a profit. This type of business structure is controlled under the Partnership Act 1892. Their terms of the agreement can be either in writing or by word of mouth. In that of writing, details of partners as well as that of the partnership is noted. The financial status of both the partners and partnership is also noted.
In addition, the duties and responsibilities of each partner are also put into account. The agreement also has details on how the partnership will be treated in case the partners change their area of residence and want to get out of the partnership. When there are conflicts, the agreement deed also provides solid solutions to the dispute. The name that is registered is that of the business other than that of the partners themselves (Palmer et al. 72). Finances, labor, and skills are brought together in order to start the business.
In this kind of business structure, all partners share profits and losses as per their shares to the business. Partners can come together without a written contract. The partnership is one of the business structures is formed by members who are familiar with one another; it is also formed through the Business Names Act. Another way that partnership can be formed is when two entrepreneurs come together to gather for debts and share profits that will be realized in the long run. The minimum and maximum number that is allowed to enter into partnership depend on the mission of the business that is to be established.
A partnership that is meant for accountancy has a minimum number of two and a maximum of 1,000 partners, for legal practitioners have a minimum number of two and a maximum number of 400 partners. Other groups include medical practitioners and stockbrokers have a minimum of two and a maximum of 50 partners. Some business relationships tend to confuse individuals with partnerships. Some of these are co-ownership, joint tenants, and joint ventures (Ruston 66).
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