Essay on Economics assignment from snow day

Submitted By Delayney-Vowels
Words: 409
Pages: 2

What do you feel is the most important advantage of having your own business? What factor would keep you from becoming a sole proprietor?
I feel that the most important advantage of having your own business would be having control and management all up to you. This way you would not have any conflict with another person in the direction in which you may want to take your business. Also you would not have to share any of the power and you could control everything about your business.
One factor that would prevent me from becoming a sole proprietor would be business continuity because even if my business is very successful, it is possible that my business could live and die with me. I also do not like the fact that if I were to take a vacation then I would not be gaining any profit and my income would stop. I would not like working all day every day and not being able to take a break without it costing me money.

Advantages
If the business is successful all the profit goes to you and you make more money
Management and control in all yours
Lower startup costs
There is only one tax as your personal income tax return
Disadvantage
All the liability is on you ( all out of your pocket no partner to share the blame with)
You have to come up with all the startup money
Loans and such
Business continuity
If you’re the only one then the business lives and dies with you

What do you feel is the greatest advantage of having an LLC? I think that the greatest advantage of…