Owning Your Own Business Essay -- Essays Papers

Owning Your Own Business There are many returns and disadvantages when owning your own business. When you own you own business, its known as a sole proprietorship. But with any type of business, there will always be advantages and disadvantages. Five advantages for owning your own business are 1) The owner receives altogether profits, meaning that all earnings go to the sole proprietor, or the owner, and isnt shared with anyone else. The profit is not split among partners, or split among a corporation. So when you own your own business, youre the firstborn and only one that receives all earnings and profit. So if a person has a successful firm, he/she is the first to reap the success and rewards. 2) Another advantage of owning your own business is that youre your own boss. You can set your own hours, decide what you want to do with the company, no manager to answer to. Basically, youre in charge of everything. The owner solely makes all decisions. Or in other w ords, youre running the show. 3) An additional advantage is that a sole proprietorship can be easily organized. Its easy to start your own business. First of all, it costs very little silver to start your own business. As a sole proprietor, you have minimal profound requirements. The owner doesnt have to establish a separate legal entity. All that is needed is to register the company with the state and apply for an occupational license and any additional licenses required for the state. ...