Acc 561 Week 2 Paper

In: Business and Management

Submitted By dillon162
Words 1115
Pages 5
Small Business Analysis
James Dillon
ACC/561
March 9, 2015
Tom Myers

Small Business Idea
My idea for a business is to open a business consulting firm for small business. I want to be able to provide expert insight to business owners on how to run the best and most profitable that they can. This business would start small with a handful of consultants and possibly in the future scale to multiple locations geographically.

Sole Proprietorship
In a sole proprietorship a company is owned and operated by one person. The only advantage to sole proprietorship is the owner will obtain the profits that the business makes as well as it is not difficult to obtain a sole proprietorship. The main disadvantage to sole proprietorship is the owner’s personal assets are liable for all business encounters. Due to this fact, a sole proprietorship is never the optimal choice for a form of business. DeFrancesco states the following about a sole proprietorship: “If the practice is structured as a professional corporation, S or C corporation, or a limited liability partnership, the assets of the company, rather than the physician’s assets, would be at risk in such cases” (DeFrancesco, 2006). Partnership
A partnership is when two or more people bring their assets together and create a business. A couple of advantages of a partnership is that both of the parties are bringing in their time, effort and money to form the business. Also many times in partnership there is one person who has an expertise in a particular area and the other person has may be better versed in another area. Similar to a Sole proprietorship both party’s personal assets are liable if something goes wrong within the business. The Gold Coast Bulletin states, “a disadvantage of an ordinary partnership is that the partners, jointly and severally, have unlimited liability for the debts and obligations…...

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