A product that does it all for its consumer, that’s what one dreams about. If it vacuums one would also like to see it mop, if it dusts one would like to see it polish as well. What does it take to get a product like this on the market and not only stand out, but also succeed? Should one that finds the capabilities to invent such a product take a legal standpoint and keep in mind of ways to put this product on the market. Sole Proprietorship, Partnership and Corporation are the three ways a business is organized. In this report the one will get an overview of which business organization would be the right fit to ensure business success.
All Four One, One Does None A product to put an end to all products, a product that any inventor would love to put on the shelves of as many stores as possible and immediately begin raking in the cash; just a dream I believe all inventors imagine. Too bad it’s not that simple. Making the decision of business organization is the beginning process. Which direction do I go in? Sole Proprietorship, Partnership or Corporation? Every organization has its advantages and disadvantages. When considering the Sole Proprietorship, I think about the positive aspects of it. Sole Proprietorship allows me to have complete control over my product and or business. It also gives me the opportunity to sale or transfer my product or business at my own choosing. On top of that, if deciding to form a Sole Proprietorship, I would encounter lesser cost when it comes to the legal aspect. With all advantages there come disadvantages. While thinking if Sole Proprietorship is the way to go, I have to consider the major fact that if I decide on this particular business organization every decision and responsibility including finances fall solely on me. Partnership is also a choice that allows me the advantages of funding, which is huge. Having a partnership makes funding to get my business or product up and running a lot easier, rather than having to fund my project alone causing delays due to lack of funds or possibly investing every penny I have and losing everything I invest. Also, being in a partnership allows more brain power, simply stated, ‘two (or more) heads are better than one’, meaning that because there is now more than one brain functioning, there are more ideas being generated, along with more skills and possible positive connections or contacts that may promote the business or product on an even more successful level. Thinking about the disadvantages of a Partnership, to me outweighs the advantages, which, personally steers me away from the idea of being in a Partnership. When entering into a Partnership, I do acknowledge the fact that now I am not only liable for myself but for my partner as well. Disagreements and having to consult my partner before making a decision can become irritating, especially if it’s a decision that I strongly believe will benefit the company, yet my partner feels completely opposite. One major concern is that in a partnership each partner is responsible for liable activities that may occur within the company, business or product including financial responsibilities AND if one partner is unable to pay their portion of what they may be liable for, the financial responsibility may then fall on the other partner. If deciding to take the corporate route, it would give my company, business or product the opportunity of creating stock. Stock is awesome because it works like a financing company, stock investors are a source of financing that…