Submitted by: Submitted by ptrcnnhrtr
Views: 745
Words: 563
Pages: 3
Category: Business and Industry
Date Submitted: 01/09/2011 03:56 PM
Week four was very informative! The weekly objectives was to be able to differentiate business entities by their advantages and disadvantages, to be able to explain the actions which may result in the piercing of the corporate veil, and to be able to describe the formation and dissolution of a corporation. We had one learning team assignment where we was giving four scenarios and had to answer different questions regarding each scenarios. We had two discussion questions: Identify a business you would like to start. It can be a real business you are exploring, or it could be fictional for this question. Of the business organizations in the reading, what form of business organization would you choose for your new business and why is it better than the other forms? I stated I think most people think about opening their own business at some point in their life. I have always wanted to start a BBQ restaurant; my husband is a wonderful cook and loves to cook BBQ. I would open a BBQ restaurant in our small country town and would call it Hartertack Cafe (I told you I have put a lot of thought in this- Harter coming from our last name). We would be open Wednesday thru Sunday (yes a BBQ place open on Sundays!). I would open up my business as an entrepreneur which is a person who forms and operates a business either by himself or with others. According to our text, most businesses started by entrepreneurs are small, although some grow into substantial organizations. I think an entrepreneur organization is a great place for a restaurant to start and have room to grow. Other than an entrepreneurship there are many forms of business organizations which is sole proprietorship (a form of business in which the owner is actually the business; the business is not a separate legal entity), general partnership (an association of two or more persons to carry on as co-owners of a business for profit), limited partnership, limited liability partnership, limited liability...