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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:

Advantages
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...

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