Friday, 11 March 2016

Ownership...Which model do I think will work for me?

All entrepreneurs must know what type of ownership they want to pursue before they start their business. There are four different types of business ownerships, which include: sole proprietorship, partnership, corporation, and limited liability company, each of which have a different purpose. However, the question is, 'which one is best for me?'. To answer that question I would need to evaluate some of my characteristics which are: being independent, hardworking, working well with other hardworking people, leading any group that I am in, being proactive, and always striving to get the job done. Now with all of that being said, it is time to choose the ownership style. For me, the choice is between a sole proprietorship and partnership, but I'm mainly leaning on sole proprietorship because most times I do not like to rely on others. For instance, if I am in a group with someone and we both have separate tasks to complete, I would do my task along with my partner's task as a backup just in case my partner didn't finish his task on time or he didn't do it at all. Also, I'm not the type of person that wants to be responsible for any potential lost for anyone if I'm in a partnership. Being a sole proprietor has its advantages and its disadvantages but it is the model of ownership that best suits me.

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