Essay Sonic Is Booming

Submitted By Ahedeen15
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Pages: 2
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Sonic is Booming

1. I believe if Sonic stayed as sole proprietorship it wouldn’t be as successful today. Today, an individual as a lot to take care of whether its family, friends, their own issues, the company growing so maybe its going out of state, or just regular stressors, etc. That I believe it wouldn’t have fallen apart because that one person had a lot on their plate and they did not know how to handle it. At least in a proprietorship you have more people to go to and to rely on to make sure you don’t do something that make the situation worse.

2. The advantages in a sole proprietorship would be being your own boss, no special taxes, retention of company profit, pride of ownership, and ease of starting and ending the business. The disadvantages are unlimited liability, limited financial resources, management difficulties, few fringe benefits, limited growth, etc. The advantages of partnerships are more financial resources, shared management and pooled/complementary skills and knowledge, longer survival, and no special taxes. The disadvantages are unlimited liability, division, disagreements among partners, and difficulty of termination. The advantages of corporations are limited liability, more money investment, size, perpetual life, ease of ownership change, etc. The disadvantages are extensive paperwork, double taxation, two tax returns, size, difficulty of termination, etc. The advantages of franchises are management and marketing
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