Rennin Finned When choosing to start a business, an entrepreneur can choose from three organization forms, a proprietorship, a partnership, and a corporation. There are differences in the way all three organizations are ran. For instance a proprietorship is a business run by one sole owner. A partnership is ran by more than one person.
Whereas a corporation Is “a business organized as a separate legal entity owned by stockholders” (University of Phoenix, 2012, p. 4). The organization form Is very important when starting any business. Therefore an entrepreneur would need to make sure he utilizes the resources and knowledge he may have referencing the business he Is choosing a form. When starting a business another factor an entrepreneur would have to consider would be the amount of control he is willing to give to someone else.
When starting a business with a partner he would need to know he, at some point, will have relinquish some of the control to his partner. Between the three organization forms, the easiest to start up would be a proprietorship. A proprietorship give you total access and control of any and all sections that will need to be made pertaining to the business. As for me, a partnership would be my organization form choice.
With this choice, I can make sure I choose a resourceful business partner who would have what I may lack whether Its resources or helping with the financial aspect of business. It Is also good to have a business minded Individual whom I could throw Ideas at, and bring a pair of fresh eyes to the decision making. I also believe that balloons Is very Important to a business as well, therefore any business partner I would have will have the same or a salary vision as myself.
