Different Types of Businesses - 924 Words

Business Scenario As discussed there are three different types of businesses, sole proprietor, partnership and corporations. With these businesses come many advantages and disadvantages that one will have to determine will best suit their own lifestyle. Starting a business is something very serious to plan and make sure you have the necessary financial backing to keep it running, and have the legal knowledge to keep yourself and organization covered. Lastly, if you have the knowledge and product you know something about and have the background the business could become successful and the more know how could make running a business less stressful. Starting an adventure in opening a company will take much thought, planning, financial†¦show more content†¦Taxes for a corporation are doubled; you will have tax at the corporate level and then taxed again on the dividends paid to stockholders and many financial reports (IRS, SEC, etc). Since the corporation has its own existence, it pays taxes on its own income, then with giving oneself an paycheck, you get taxed on your income also. (Poznak 2010, Ebert amp; Griffin 2005) Any business endeavor is risky, whether it being a sole proprietor, partnership or a corporation. The need for which type of business to start, would be the need for health and life insurance. Proper planning and knowledge would be key to avoid any pitfalls. (Poznak 2010) The business type most likely to succeed would be a corporation. As a corporation you have more talent, more ideas, and more financial backing. With a corporation, I could get the financial and managerial help that I need to succeed i n my product, business, and growth. I will also have more resources to help finance my backing and have more liable coverage in insurance, lawyers, and accountants. Also with any company, I could trademark and copyright my product. To start a corporation will take much time, determination, and will-power. This will not be an easy task but one that will have patience and support of family and friends. References Ebert, R.J., amp; Griffin, R.W. (2005). Business essentials. Upper Saddle River, NJ: Pearson Prentice Hall. Poznak, JL. (2010). Doing Business as a Sole Proprietor.Show MoreRelatedOffice Services For Different Types Of Hospitality Businesses1868 Words   |  8 PagesThis is an assignment on the general overview of the front of house and house keeping services in different types of hospitality businesses. 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