The Three Primary Forms of Business Are Sole Proprietorships, Partnerships

question 7

Essay

The three primary forms of business are sole proprietorships, partnerships, and corporations. You are contemplating starting a business. For each of the following proposals, explain which of the three types of businesses would be most appropriate. In each case describe the advantages and disadvantages of your choice.
(a) You love drones and want to start a business creating drone pictures of people's houses and property.
(b) After a late night cram session, you and your roommate are in need of some pizza, but no restaurants are open. You decide to open an all night pizza parlor.
(c) You have an idea that will make you a billionaire before you graduate from college: a pizza delivery service - from any restaurant to any dorm. In order to make your revenue goal a reality, a local venture capital firm has informed you that you will need to nationally franchise your operation.

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Definitions:

Per Capita Income

The average income earned per person in a given area in a specified year.

School Enrollment

The process of registering or entering students into a formal educational institution or program.

National Income

Total income earned by resource suppliers for their contributions to gross domestic product plus taxes on production and imports; the sum of wages and salaries, rent, interest, profit, proprietors’ income, and such taxes.