This website uses cookies to ensure you have the best experience. Learn more

Business Essay

1362 words - 6 pages

United States International University – Africa

Individual Term Paper

Name: Tushar Prakash Nainani

ID No.: 640633

Course: BUS 1010 – Introduction to Business Organizations

Schedule: Mondays & Wednesdays 11:00 – 12:40

Professor: P. Gachago

Semester: Fall 2013

Individual Term Paper

Now that you have attended several business lectures at USIU, you decide to start a kiosk business in your estate, selling potatoes.

1) Under what legal form of business would you register your business?
2) Why would you choose that form of business?
3) What, in your view, would make up the supply chain of your business?

Table Of Contents

* Executive Summary ...view middle of the document...

The business would depend on the life span of the owner, since the owner is the only shareholder.

The supply chain of the business would be relatively small as well, in order to save cost of the product; the longer the supply chain, the costlier the product. Supply chain shall consist of only two parties; farmer and owner. They shall come to an agreement in order to supply the vegetables in time. Since the business is dealing with perishable goods, the supply will be high. In order to keep supply flowing, in case of any unforeseeable circumstances, for example if the farmer is not able to supply in time, the owner shall buy land and cultivate their own vegetables.

Question 1
Under what legal form of business would you register your business?
The business would be registered as a sole proprietorship.

A sole proprietorship, also known as sole trader, is the simplest form of business organisation that is owned and run by only one individual and in which there is no legal distinction between the owner and the business. This means that the owner of the business and the business itself, are regarded as one.

The owner of the business receives all profits, and has unlimited responsibility for the losses and debts of the business. Every asset is owned by the proprietor.

Some characteristics of a sole proprietorship are as follows:

1) It is run by only one individual i.e. the owner.
2) Minimal legal requirements for setting up a sole proprietorship.
3) Must have a trading license
4) The owner is fully liable for debts incurred.
5) Ownership and control are combined.
6) The owner and the business are the same entity.
7) Taxes are determined through personal income tax rather than corporation tax.

Question 2
Why would you choose that form of business?
I chose sole proprietorship as it is a small scale business, which does not require a lot of start-up cost. A sole proprietorship also requires minimal legal documents which means that there would be less complications, legally. Since the business has a very small market, a sole proprietorship seemed the most ideal form of business.

Every form of business has its advantages and drawbacks, some of them are listed below:

1) Since I am going to be indulging in sole trading, all the decisions will be made by me, which means that less time is consumed in consultation, and I do not have to answer to anyone. I can run the business as I please.
2) I will be able to have close contact with my employees and consumers. This would enable me to easily identify and anticipate customer needs. Since there will be personal contact, relations between the owner (me) and my employees would be better.
3) All the profits made by the business, is mine, as I do not have to share my income with anyone else. While, in other forms of business, profits are shared among shareholders.
4) The initial cost of setup of the business is much less compared...

Other assignments on Business

Business Essay

2793 words - 12 pages , pointed out by Li (2010). However, success of e-book publishing business mostly depends on establishing a successful business model. According to the finding of Vasileiou et al. (2009), establishing e-books related business model is now very complex and there are many incompetents between the producers and the products. Though there are significant advancements have achieved in e-book technology, there are still various incompetents exist in the

Business Essay

296 words - 2 pages The role of business in an economy is involved in any type of activity that provides goods, services, or both to consumers in an attempt to earn a profit. Business drives up the standard of living of quality and quantity of goods and services available to a population and contributing to the higher quality of life in which is overall sense of well-being experienced by either an individual or a group. Business also helps raise the standard of


285 words - 2 pages Every business consists of various organizations which are reliant on information systems- without information systems there would be no business! Ensuring that the correct information is fed through to the relevant departments is essential for the success of any business. Within each department there will be requirements for different types of information which will be linked throughout the organization to maintain competitiveness and

Business - 4315 words

4315 words - 18 pages Business Review COMPANY OVERVIEW By engineering out the complexity that stifles business innovation, Fusion Tomo is engineering in speed, reliability, security, and manageability. The result is best-in-class products throughout an integrated stack of hardware and software, with every layer designed and engineered to work together according to open industry standards. Fusion Tomo's complete, open, and integrated solutions offer extreme

Business - 7113 words

7113 words - 29 pages Table of Contents Market 1 Product 1 Price 1 Place 1 Promotion 1 ing 2 Marketing 3 Contents 4 History 4 Earlier approaches 4 Contemporary approaches 5 Customer orientation 6 Organizational orientation 8 Marketing research 8 Marketing environment 9 Geographic segmentation involves a business dividing its market on the basis of geography. There are several ways that a market can be geographically segmented. You can divide your market by

Business - 717 words

717 words - 3 pages approach is where one tries to identify ones best way to manage an organization. The contingency perspective approach, on the other hand, say that because each business is different the appropriate management approach depends on the unique elements in that situation. The contingency perspective is useful in the practice of management today because every situation is different and one situation needs different management that another. There is no one

Business - 7291 words

7291 words - 30 pages in the motor industry………………………………………………………………………………………10 2.1 Apply the elements of contract in both cases business scenarios………………………..12 2.2 & 2.3 Analyze the law of terms in the above two different contract. Evaluate the effect of different terms in the two contracts………………………………………………………….14 Conclusion…………………………………………………………………………………....19 Reference……………………………………………………………………………………..20 Introduction: - The law plays an important role

Business - 621 words

621 words - 3 pages P2 identify how government policies impact on a selected business. Government policy The government produces a set of policies that are used to develop and influence the UK economy. These policies are: Economic Policy This policy is mainly focused to deal with economic growth, unemployment and inflation. Cadbury may have an effect through inflation as inflation means a general sustained increase in price. This could affect them most out

Business - 317 words

317 words - 2 pages to better meet the corporate and business goals.  It’s no longer just the economic issues that drive the department, but also the behavioral ones .In general, HR is becoming more a part of the team than it once was. Rather than being the folks who sit in their closed offices and interview applicants then allow department managers and executives to handle day-to-day operations, HR is now getting involved in decision making, and making a

Business - 818 words

818 words - 4 pages motivate them to work hard if they are able to participate in the upper part of the business. Managers can produce well being in the workforce outside of everything else that goes on. There is so many successful things that a manager can offer and provide. Managers should also make sure that fairness and equality is provided among the employees. Managers should also provide an environment that is enjoyable and productive. They should also create a

Business - 2460 words

2460 words - 10 pages expensive to file, and a repayment plan was enforced up to five years. The word “bankruptcy” can bring guilt, shame, embarrassment, frustration and pain onto a business. Many companies survived bankruptcies by changing the ways they did business and paying more attention to how they operated their businesses. In 1987, Texaco filed bankruptcy, the largest file in United States history with assets of $34.9 billion. Texaco was forced into bankruptcy

Similar Documents

Business Essay 595 Words

595 words - 3 pages Business Business Business Business Business Business Business Business Business Business Business Business Business Business Business Business Business Business Business Business Business Business Business Business Business Business Business Business Business Business Business Business Business Business Business Business Business Business Business Business Business

Business Essay 1180 Words

1180 words - 5 pages Business History Ýn The United States At The End Of The Twentieth Century The History of Business history Business history in the united states at the end of the twentieth century and the beginning of the twenty-first is simultaneously thriving and strungling with itsidentity.There are clear signs of vigor, including a rising membership in the major professional organization in the field, BHC (Business History Conference). The organization

Business Essay 2440 Words

2440 words - 10 pages Table of Contents Executive Summary 3 Introduction 3 Benefits of Hamel & Prahalad’s concept of Core Competence 4 Disadvantages of core competency 6 The concept of Icarus Paradox and its comparison with core competencies 7 Conclusions 8 References 9 Executive Summary This report takes an account of Core competencies that were introduced by C. K. Prahalad and Gary Hamel in 1990. Evaluating this business concept, its

Business Essay 256 Words

256 words - 2 pages British Airways Financial Analysis Introduction In this assignment I shall be composing a report which details my confidential analysis of a company based in the United Kingdom; in this model the airline business British Airways. The main aims of this report are to assess whether BA has contemporarily behaved well enough to deserve financial disbursement and to describe in detail why or why not I would admonish it for akin. Within