Things to Consider when Starting and Running a Business

There are many things to consider when starting and running a business. You must decide what type of business you would like to operate, including the different business structures, legal forms and permits that must be obtained, zoning laws, tax laws, and the liability you may expose yourself to. If you have a business with employees, you may need to decide if you want to hire non-union or union members. You will also need to research the many banking and financial institutions as you want to make sure your money is well protected. The different types of business structures include sole proprietorships, partnerships, and corporations. These business structures also offer different options within themselves. A business that is owned and managed by a single individual is a sole proprietorship. There are three categories of a partnership – general partnerships, limited partnerships, and limited liability partnerships. A corporation can be closely held or publicly held. Le t us see what the advantages and disadvantages are for these different business structures. The advantage of being a sole proprietorship is that the person who owns it is able to make all the decisions on his own; he doesn’t need to consult with anyone. It is also easy to establish a sole proprietorship. There are a small number of requirements that must be met and can vary from city to city and state to state. Sole proprietors must meet the minimum requirements – authorization, site permit andShow MoreRelatedBusiness Administration: Starting your Own Business1076 Words   |  4 PagesSmall businesses are on a rise in America. May’s Business School at Texas AM offers multiple business degrees for anyone that would want to start their own business. One degree that would be helpful in starting your own business would be a Bachelors in Business Administration (BBA) degree that can be taken at May’s Business school at Texas AM. 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