Business 3373[1] - Business Organization Friday 8:29 PM o 3...

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Business Organization Friday, April 08, 2011 8:29 PM o 3 important considerations before going into business: o If you should go into business alone or with a partner? o Type of business organization to use for the business: proprietorship, partnership, corporation or limited liability company. o The type of professional advisors to select o Having a partner has its, pro's and con's to take into consideration- o Prepare an for and against list o Think about the safety in numbers o Theres 2 heads instead of one o You won't have t be at the business at all times o Contribute capiltal and share the risk o Some disadvantages to think about- You will have to share the rewards if the business is succesful You will lose total control over the business, if you and your partner have difficulties Theres the risk of falling out, or the other partner buying you out
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o Things to consider in a business partner, are whether you have similar work habits,
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