Business Starting

9 Pages 2165 Words

an enterprise, including the entrepreneur, financing and other external forcesE “In order to have a good business idea it should: * satisfy personal goals and interests, * find a success place in the market, * making sure it is possible to produce the necessary quality and quantity of the product or service, and * Meet or exceed your financial goalsE In order to meet all of these criteria, it is essential to complete research on the business idea that has been chosen. Research information can be gathered from various different sources. Some of these sources being the library, looking at existing businesses, word of mouth, reading books, watching television, going to government departments, talking to university professors etc. If the research has not been completed then it more likely that the business will become a failure. Planning Out the Business Structure The one basic question facing all new business owners is “what business structure is the best for me?E(Canada 6). There are three main types of business structures: sole proprietorship, partnership, corporation. All of these different structures are different and require different things to make them work. The sole proprietorship is a business that has only one owner and for the purpose of his/her own profit, the partnership is a business which has two or more people and all of the workers work as co-owners, and the corporation is an artificial entry with obligations, rights and privileges that are distinct. By having a structure it can cut down costs and maximize the profits, it will be easier to get money lent with certain structures and the tax is different depending on the type of structure. Once the name of the business has been chosen it is important to register this name unless the company is just your first and last names. The name registration must go through the Registry of Joint Stock Companies. By doing this it ensures that no one else will take the name from...