February 17, 2011
This class focused on owning your own business and different types that follow.
Advantages of being a business owner include independence, credibility and personal security. A few drawbacks would be greater stress, top responsibility, you can’t quit or run away, and everything falls back on you..good or bad.
Partnerships are another popular route. This can combine different skills and experience to create the best firm possible. Unfortunately this puts your personal assets at risk fully trusting the other partner. It’s easy to form a legal partnership, but every action one makes affects the other. The biggest downfall would probably be a split profit. Especially if you go from owning your own firm to becoming a partner. But, if you start as a partner and learn the ins and outs, then proceed to own your own firm the payoff would be substantial.
There are also limited partnerships which include general or limited partners. General partners typically manage and limited do not. These partnerships are generally more expensive. There is a corporation which entitles complex tax issues. This requires “Articles of Incorporation.”
Then there comes a business plan: Business Summary, Market Research, Marketing, Operational Plan, Financial Information, and Financial Considerations. These steps are important in running a successfully business.
No comments:
Post a Comment