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Business Scenario

In: Business and Management

Submitted By bebacutie
Words 490
Pages 2
A Business Scenario
Regine Tribble
06/10/14
Bus/210

This is a past, present, and future business scenario. A few years ago I started doing my family hair in the basement of my house and the ones who could afford to pay would pay me between 10 and 20 dollars. So I got to thinking what if I just starting doing my friends and even their family’s hair I would really make some extra money. So I decided to become my own boss and that made me a sole proprietorship because I was doing all the work and taking any losses such as the days that I would turn down doing hair. I was getting very successful and making a lot more money, but I was getting a little tired of having to do it all by myself. So I asked a friend of mind would she want to work for me when I do hair and I told her that all she would have to do is go to the store to pick up the hair and wash the customers hair for me when it need it and I would pay her 5 for going to the store each time and 5 for washing hair per person. My friend said only if we are partners. I then say ok that would be fine but I would get 70% and you would get 30% of the profits because I am the one who is actually doing the customers hair. So we formed a partnership.
Doing this time and with the help of my friend the business was growing much faster and was making so much more money a few of my aunt’s wanted to be in on the action, but they did not want to actually be hard on. So they invested 1000 dollar each so that I could rent a small building and be able to hire another hire stylist and another person to help around the shop. And that is what we done. So that made us a limited liability company. When the profit came in my aunts did get their share.
About 2 years later the business was booming and we were ready to go national, but we needed a loan for 50,000 dollars. So we want to the bank and they said “no we cannot help you because you do not have enough assets”. So my aunts said that maybe they can join together with a few of their good friend and with them joining together it made a joint stock company. This means all the stockholders are liable for debts. In other words, they used their houses for collateral. We want back to the bank and they approved us and basically said that if we do not make good then they would take the houses. With the 50,000 dollar loan we want national with hair salon all over doing great business.

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