Owning Your Own Business Essay -- Essays Papers

Owning Your Own Business There are many advantages and disadvantages when owning your own business. When you own you own business, its known as a sole proprietary. still with any type of business, there will always be advantages and disadvantages. Five advantages for owning your own business are 1) The owner receives all profits, meaning that all moolah go to the sole proprietor, or the owner, and isnt shared with anyone else. The profit is not split among partners, or split among a corporation. So when you own your own business, youre the first and only one that receives all earnings and profit. So if a person has a successful firm, he/she is the first to reap the success and rewards. 2) other advantage of owning your own business is that youre your own boss. You can set your own hours, decide what you want to do with the company, no manager to answer to. Basically, youre in charge of everything. The owner solely makes all decisions. Or in other words, youre r unning the show. 3) An additional advantage is that a sole proprietorship can be easily organized. Its easy to start your own business. First of all, it costs very little money to start your own business. As a sole proprietor, you have minimal legal requirements. The owner doesnt have to establish a separate legal entity. All that is needed is to point the company with the state and apply for an occupational license and any additional licenses required for the state. ...