Business Essay

468 WordsJan 2, 20132 Pages
A 'sole proprietorship, also known as the sole trader or simply a proprietorship, is a type of business entity that is owned and run by one individual and in which there is no legal distinction between the owner and the business. The owner receives all profits (subject to taxation specific to the business) and has unlimited responsibility for all losses and debts. A partnership is the relationship existing between two or more persons who join to carry on a trade or business. Each person contributes money, property, labor or skill, and expects to share in the profits and losses of the business. the word corporation is widely used to describe incorporated entities, especially those that have a large number of shareholders, and in respect of which, ownership can be transferred without the need for the consent of other shareholders. A company that sells the right to use its products to an individual or company. McDonald's is a prominent example of a franchisor. If one wishes to open a McDonald's franchise, everything from the food to the uniforms has already been determined by the corporation. McDonald's sells the right to use these to the franchisee. I dont think that Sonic woulda growed if it woulda stayed a sole proprietorship because it is a simple business and ran by one owner. As a business owner, you are your own boss. You answer to no one and you make all the decisions. You set your own work hours and work independently. Depending on the type of business, you may be able to work anywhere. For example, as a consultant you can meet with clients at their businesses and then spend the afternoon working in a coffee shop. You can often control your own salary and you do work that you truly enjoy. You can use the title of owner, principal, or president on your resume. Should you decide to close your business and pursue work, you will have gained valuable experience as

More about Business Essay

Open Document