BUSI603 DB Forum3

BUSI603 DB Forum3 - DB Forum Three Sole proprietorship is a...

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DB Forum Three Sole proprietorship is a tempting option for any business owner because it means that one man makes all the decisions, has all the power, and gets a lot of the glory for the success of the business. A sole proprietor is the only owner of a company who “has title to all business assets and is subject to the claims of creditors” (Longenecker, Moore, Petty, & Palich, 2008, p.165). So, while the owner is free from interference and obstruction by business partners and others with vested interests in a company, he is also responsible for every possible consequence that results from the business practice. For instance, the Bolton Construction Company operated under the name “Bolton Construction Co.” when they entered into an agreement with a restaurant chain and began building a new location for the chain. After beginning the work, Paul Bolton, sole proprietor and owner, incorporated the business and began operating under the name “Bolton Construction Company, Inc.”. When the operation began to go sour, the restaurant tried to get out of their agreement with Mr. Bolton’s company, now incorporated and operating under a different name than previously agreed upon in the contract. Eventually, the chain sued Paul Bolton’s company and he lost over half a
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This note was uploaded on 03/11/2010 for the course BUSI 603 taught by Professor Dr.ellis during the Spring '10 term at Liberty.

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BUSI603 DB Forum3 - DB Forum Three Sole proprietorship is a...

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