The three primary forms of business are sole proprietorships, partnerships, and corporations. You are contemplating starting a business. For each of the following proposals, explain which of the three types of businesses would be most appropriate. In each case describe the advantages and disadvantages of your choice.
(a) You are a music lover and are disgusted with the selection of compact discs available at the stores near your college. So, you decide to open up a store selling new and used compact discs.
(b) After a late-night cram session, you and your roommate need some pizza, but no restaurants are open. You decide to open an all-night pizza parlor.
(c) You have an idea that will make you a billionaire before you graduate from college: a pizza delivery service - from any restaurant to any dorm. To make your revenue goal a reality, a local venture capital firm has informed you that you will need to nationally franchise your operation.
The three primary forms of business are sole proprietorships, partnerships, and corporations. You are contemplating starting a business. For each of the following proposals, explain which of the three types of businesses would be most appropriate. In each case describe the advantages and disadvantages of your choice.
(a) You are a music lover and are disgusted with the selection of compact discs available at the stores near your college. So, you decide to open up a store selling new and used compact discs.
(b) After a late-night cram session, you and your roommate need some pizza, but no restaurants are open. You decide to open an all-night pizza parlor.
(c) You have an idea that will make you a billionaire before you graduate from college: a pizza delivery service - from any restaurant to any dorm. To make your revenue goal a reality, a local venture capital firm has informed you that you will need to nationally franchise your operation.
