Open Always
Email: support@globalcompose.com Call Now! +1-315 515-4588
Open Always
Email: support@globalcompose.com Call Now! +1-315 515-4588

Sample Essay on Sole proprietorship-bakery

This sample paper on (Sample Essay on Sole proprietorship-bakery) was uploaded by one our contributors and does not necessarily reflect how our professionals write our papers. If you would like this paper removed from our website, please contact us via our Contact Us Page.

A Database of over Million Scholarly Resources. Start your Search Now

Sample Essay on Sole proprietorship-bakery

Introduction

 There the legal system of various countries. The business types that exist today vary are many types of business organization entities defined in by jurisdiction, and these businesses are recognized based on their ownership models. These include sole proprietorship, partnership, cooperatives, limited liability companies and corporations (Scherer and Guido 899-931).With a capital of $50,000, a bakery run under a sole proprietorship model of ownership would be the best choice.

Advantages

It is easy to set up and least costly to run as opposed to other forms of ownership since no filing of forms or payment is needed for the business to start operations. And there are no specific operational rules. Under this model, it will be easy to control the operations as the owner is the sole decision maker. Besides the tax filling are easy to put in as the business income/loss is added to the owner’s income on personal tax return. This attracts the lowest form of taxes. Since income/loss from this business is included on the personal tax return, one could use any losses in business in the offsetting of personal income from other sources like salary. And on hiring of employees, the owner can hire family members without having to formally declare them as employees (Scherer and Guido 899-931).

Disadvantages

          The biggest disadvantage of this mode of business is that personal finances and those of the business are one and the same. In the case of business bankruptcy, one has first to file for personal bankruptcy. Personal assets are not shielded from liabilities in case of business debts and the case of some negligence arising from the business; the owner cannot escape being sued on behalf of the business. In the taxation, the proprietor is required to pay income tax on the net income of the business and lastly the business can suffer from lack of continuity if the owner is incapacitated in one form or another (Scherer and Guido 899-931).

There are other forms of business as discussed bellow, but given the capital base and the requirements for starting some of them, the above-discussed type of business is still the best choice to take with such a capital and factors of ease of management. These other forms of business are as Partnership. This is a business co-owned by two or more persons, and all the profits are divided among the partners. There are two types of partnership. In partnerships, all the involved partners would have unlimited liabilities versus unlimited partnership (Scherer and Guido 899-931). 

The other form is a corporation. This has a separate legal ownership from proprietors. The owner’s involvement in the company is often   limited inthe operations with limited liability. In Limited liability Company, the owners enjoy limited liability, and taxation can be done as a sole proprietorship, corporation and or partnership (Scherer and Guido 899-931).

 The other form is cooperative. This is a business owned by different individuals which they operate for their mutual benefit. These people refer to themselves as members. Cooperatives can be unincorporated or incorporated. Examples are banks, housing cooperatives and credit unions (Scherer and Guido 899-931).

Conclusion

When making a decision on what structure of the business to adopt, a choice should be made on one that best suits the business needs knowing that there are advantages and disadvantages to every one of the structures. The business structure one takes determine: the licenses you require, how much tax you to be paid, whether the owner is considered an employee, or the owner of the business, potential personal liability, how much control one has over the business ongoing costs and volume of paperwork for the business. It is also important to note that one can change the business structure throughout the life of business. As the business grows and expands, one may decide to replace the business structure or to restructure.

 

 

 

 

 

 

 

Works cited

Scherer, Andreas Georg, and Guido Palazzo. “The new political role of business in a globalized world: A review of a new perspective on CSR and its implications for the firm, governance, and democracy.” Journal of management studies 48.4 (2011): 899-931.

Sharing is: CARING

Are you looking for homework writing help? Click on Order Now button below to Submit your assignment details.

Homework Writing Help
We Can Help you with this Assignment right now!
Sample Essay on Sole proprietorship-bakery

Are you looking for homework writing help on (Sample Essay on Sole proprietorship-bakery)? Well, you can either use the sample paper provided to write your paper or you could contact us today for an original paper. If you are looking for an assignment to submit, then click on ORDER NOW button or contact us today. Our Professional Writers will be glad to write your paper from scratch.

We ensure that assignment instructions are followed, the paper is written from scratch. If you are not satisfied by our service, you can either request for refund or unlimited revisions for your order at absolutely no extra pay. Once the writer has completed your paper, the editors check your paper for any grammar/formatting/plagiarism mistakes, then the final paper is sent to your email.

Privacy| Confidentiality

Sample Essay on Sole proprietorship-bakery

We do not share your personal information with any company or person. We have also ensured that the ordering process is secure; you can check the security feature in the browser. For confidentiality purposes, all papers are sent to your personal email. If you have any questions, contact us any time via email, live chat or our phone number.

Our Clients Testimonials

  • I appreciate help on the assignment. It was hard for me but am good to go now

    Impact of pollution on Environment
  • Am happy now having completed the very difficult assignment

    Creative Message Strategies
  • Your writer did a fine job on the revisions. The paper is now ok

    Ethics: Theory and Practice
  • The paper was so involving but am happy it is done. Will reach you with more assignments

    Title: Privatization in or of America
  • I expected perfection in terms of grammar and I am happy. Lecturer is always on our head but was pleased with my paper. Once again, thanks a lot

    Title: Bundaberg Inquiry
  • The paper looks perfect now, thank to the writer

    Health Care Systems
  • You helped me complete several other tasks as you handled paper. wonna thank you

    Critique Paper on Political Change

Related Articles

Sample Essay on Sole proprietorship-bakery

Get more from us…

Would you like this sample paper to be sent to your email or would you like to receive weekly articles on how to write your assignments? You can simply send us your request on how to write your paper and we will email you a free guide within 24-36 hours. Kindly subscribe below!

Email Address: support@globalcompose.com