Success And Sustainability Of A Business - 2004 Words

Many entrepreneurs aspire to own or operate their own business. After deciding on the purpose and mission of the company, one must chose a form of organization for the business to operate under. These organizational forms include sole proprietorship, partnership, corporation or a limited liability company. Not only does this decision determine how many individuals are involved in the ownership of the business, but it also determines what laws, regulations and guidelines must be followed to ensure success and sustainability of a business. Across the United States, the majority of small businesses are owned and operated by one person, which is called sole proprietorship (Liuzzo, 2016). As the most widespread, least expensive business to establish, many small business entrepreneurs tend to take this path to avoid the need to hiring employees, pay for expensive locations, evade corporate taxes and to maintain complete control of all business transactions. Evident by the 2013 tax returns, the benefits of sole proprietorship sound appealing with approximately 24.1 million individual income tax returns reported sole proprietorship activity, a 2.2 percent increase from 2012 (Dungan, 2016). Although the advantages appear to be rewarding for this independent business adventure, being the primary owner faces a number of difficulties. These disadvantages are not only hardships for the business but they are also direct liabilities for the business owner. The owner has unlimited personalShow MoreRelatedA Business Plan For The Long Run With Csr Strategies1737 Words   |  7 PagesIntroduction Imagine a group of recent graduates from a highly respected and internationally recognized business school who developed a business plan together during their studies and are now planning to establish a business. They are all highly capable and all received top marks in their courses. Will they succeed in their new venture? 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(Stevanovic et al. 2012, p.261) The BSC can be conceptualized as, â€Å"†¦a management system, which is structured accordingRead MoreSustainable Business Success From Ecological, Social, And Economic Growth954 Words   |  4 Pagessustainable business success from ecological, social to sustainable economic growth. Many corporations have become more concerned with greater social responsibility. High sustainable companies have stronger convictions in governance structure in regards to the environmental, social and financial aspects of sustainability (Eccles, Ioannou Serafeim, 2012). Understanding how to have suc cess and sustainability may pay off in the long run of a company. Societal concern for sustainability has grownRead MoreWeekly Reflection1188 Words   |  5 Pageslong-term business objectives is important, especially in the event of a crisis. In this paper the subject is a discussion of this week’s objectives among Learning Team C. 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