Week 13 Discussion - (From Ch 40 Sally Gomez is interested in starting a new business Although Gomez has developed her business plan and is ready to

Week 13 Discussion - (From Ch 40 Sally Gomez is interested...

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(From Ch. 40) Sally Gomez is interested in starting a new business. Although Gomez has developed her business plan and is ready to implement her ideas, she lacks the necessary finances to begin her new business. Along with a lack of finances, Gomez worries about the potential liability involved with starting a new business. Gomez would hate to lose all that she has personally accumulated to date in the event of a successful lawsuit against her. She is considering a sole proprietorship, a partnership, or a corporation as the organizing structure of her new venture. Of these three choices , which type of business would best serve Gomez's needs at this given time? 1. A sole proprietorship is a business owned by one person. Individual proprietorships are commonly used in retail stores, service businesses, and agriculture. This is basically what Ms Gomez is now and she is looking for help. 2. A partnership is a group of people putting together their money and professional talents of two or more people.
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