Business: Corporation and Business Essay

Submitted By skelly831143
Words: 934
Pages: 4
Open Document
All For One or One For All

AIU Online

Abstract
A product that does it all for its consumer, that’s what one dreams about. If it vacuums one would also like to see it mop, if it dusts one would like to see it polish as well. What does it take to get a product like this on the market and not only stand out, but also succeed? Should one that finds the capabilities to invent such a product take a legal standpoint and keep in mind of ways to put this product on the market. Sole Proprietorship, Partnership and Corporation are the three ways a business is organized. In this report the one will get an overview of which business organization would be the right fit to ensure business success.

All Four One, One Does None A product to put an end to all products, a product that any inventor would love to put on the shelves of as many stores as possible and immediately begin raking in the cash; just a dream I believe all inventors imagine. Too bad it’s not that simple. Making the decision of business organization is the beginning process. Which direction do I go in? Sole Proprietorship, Partnership or Corporation? Every organization has its advantages and disadvantages. When considering the Sole Proprietorship, I think about the positive aspects of it. Sole Proprietorship allows me to have complete control over my product and or business. It also gives me the opportunity to sale or transfer my product or business at my own choosing. On top of that, if deciding to form a Sole Proprietorship, I would encounter lesser cost when it comes to the legal aspect. With all advantages there come disadvantages. While thinking if Sole Proprietorship is the way to go, I have to consider the major fact that if I decide on this particular business organization every decision and responsibility including finances fall solely on me. Partnership is also a choice that allows me the advantages of funding, which is huge. Having a partnership makes funding to get my business or product up and running a lot easier, rather than having to fund my project alone causing delays due to lack of funds or possibly investing every penny I have and losing everything I invest. Also, being in a partnership allows more brain power, simply stated, ‘two (or more) heads are better than one’, meaning that because there is now more than one brain functioning, there are more ideas being generated, along with more skills and possible positive connections or contacts that may promote the business or product on an even more successful level. Thinking about the disadvantages of a Partnership, to me outweighs the advantages, which, personally steers me away from the idea of being in a Partnership. When entering into a Partnership, I do acknowledge the fact that now I am not only liable for myself but for my partner as well. Disagreements and having to consult my partner before making a decision can become irritating, especially if it’s a decision that I strongly believe will benefit the company, yet my partner feels completely opposite. One major concern is that in a partnership each partner is responsible for liable activities that may occur within the company, business or product including financial responsibilities AND if one partner is unable to pay their portion of what they may be liable for, the financial responsibility may then fall on the other partner. If deciding to take the corporate route, it would give my company, business or product the opportunity of creating stock. Stock is awesome because it works like a financing company, stock investors are a source of financing that
Show More

Related Documents: Business: Corporation and Business Essay

Entrepreneurs: Corporation and Business Essay

incorporate their business in the state where they conduct their business. If you live and work in New Hampshire, for example, you would incorporate your business in New Hampshire. If your business conducts business throughout the United States, you need to incorporate in the state where your headquarters will be. If you have a substantial business presence in another state, you may need to let that state know and file state tax returns or sales tax returns based on your business earnings in that…

Words 736 - Pages 3

Essay on Business: Multinational Corporations

The company must study its customer markets closely since each market has its own special characteristics. These markets normally include: Consumer markets (Individuals and households that buy goods and services for personal consumption) Business markets (Buy goods and services for further processing or for…

Words 4377 - Pages 18

Alien Corporation: Not Does Business In The USA

Alien Corporation - established in another country, but does business in the USA Articles of Incorporation—(also known as the Certificate of Incorporation) the legal documentation required by the incorporating state that identifies the business name, purpose, location, incorporators, stock provisions, and so on. Once the incorporation is approved by the state, the articles and the state's approval become the Corporate Charter. Balanced scorecards – a set of measurements unique to a company that…

Words 1585 - Pages 7

Essay about Business: Corporation and Sole Proprietorship

Legal Forms of Business pape Legal Forms of Business paper When starting a business, there are several types of business forms that you can choose from such as sole proprietorship, partnership, limited liability partnership, and limited liability company just to name a few. In this paper I will give scenarios for each of these business forms and why they are preferred for those businesses. Sole Proprietorship Sole Proprietorship is someone who owns and runs his or her own company…

Words 745 - Pages 3

Essay on Business: Corporation and Team Members

Unique talents. And each individual delivers true value to our company, giving us the understanding we need to serve an equally diverse customer base effectively and respectfully. Diversity at Walgreens is more than simply good business – it’s the only way to do business. * Corporate Organization Walgreen's corporate structure is made up of 10 separate divisions with multiple career opportunities in each division. Marketing handles all product and brand marketing for the company. E-Commerce…

Words 558 - Pages 3

Essay about Technical Data Corporation Business Plan

Technical Data Corporation Business Plan 1. Technical Data Corporation is in the computer hardware and software business. TDC is in the business of providing liable data in regards to the fixed income market. TDC is going to provide a web based service that will relay historical price data, price analysis, and market commentary on the day to day price variances. Currently the purchases of this information are not willing to pay high amounts to access this information. Additionally, the purchases…

Words 1108 - Pages 5

Business Assignment: Canada Mortgage And Housing Corporation

the firm Urbanation, the government is aiming to do more intervention in order get this information which is important for the understanding and forecast of the future in this field, that can be dangerous if unknown (Pigg). Business Topic: a) Concepts, definitions or business terms. Assignments are units bought in the preconstruction phase by investors who intend to flip them to new buyers at a significant markup before having to come up with final closing costs, including land transfer taxes (Pigg)…

Words 548 - Pages 3

Our Business Is A Franchise From Big Insurance Corporation

1. Our business is a Franchise from “Big Insurance Corporation”. a. We offer insurance for all of your needs. b. Our insurance company has a total of 12 employees. We expect to growth 20% in the next 2 years (from 12 employees to 15 employees). c. We are offering: auto, motorcycle, homeowners, and life insurance. We receive auto and property claims from customers by phone or online. d. Locations: Lakewood = 10 employees, Arvada = 1 employee, Highlands Ranch = 1 employee…

Words 1454 - Pages 6

Costco Wholesale Corporation Mission Business Model and Strategy Essay

of 1983, Costco Wholesale Corporation began operations in Seattle, Washington. The company was founded by James Sinegal, current President and CEO of Costco, and Jeffrey Brotman, Chairman of the Board of Directors. In October of 1993 Costco merged with a Delaware company called The Price Company to form Price/Costco, Inc. The Price Company was the first to establish the concept of a membership warehouse. In 1999, the company changed its name to Costco Wholesale Corporation and moved themselves back…

Words 4156 - Pages 17

Sole Proprietorship, Partnership, And Corporation: The Three Main Forms Of Business Organization

proprietorship, partnership, and corporation are the three main forms of business organization. The advantages of sole proprietorship and partnership is that it is simple to start and low cost to create. The advantages of the corporation is limited liability, unlimited life and ease of ownership transfer. The disadvantages of a sole proprietorship is that it may be difficult to raise a large amount of funds and sole proprietorships have unlimited personal liability for business debts and limited life. The…

Words 337 - Pages 2