Ab209 Small Business Mgt

Heels on the Run

AB209-01 Small Business Management

Rodney A. Russell

Professor Brenda Harper

March 2, 2015

The name of the business I plan to open up in the near future will be called Heels on the Run. Heels on the Run will be a start-up that rents high-end designer women’s shoes to consumers via the internet. Its current team consists of three members with different strengths: a marketing and sales specialist, finance and operations specialist, and a fashion and purchasing expert.  Starting a business takes more than an idea; it takes a certain kind of person, planning, financial and hard work. There are steps that one must follow to make a business successful. One of the first and most important things to do is write a business plan.

My business will operate as a Partnership, according to the reading; Partnership, a general partnership is an agreement, expresses or imp-lied, between two or more persons who join to carry on a business venture for profit.  Each partner contributes money, property, labor, or skill; each shares in the profits and losses of the business, and each has unlimited personal liability for the debts of the business (Longnecker, 2012). This business venture will be between three family members, contributing equally to all facets of the business.

The partners feel this is the best approach for us for several reasons, we all can share the cost of the start-up, and we all have shared responsibilities, because we all will be working for one goal. The risk and expenses of running the business will all be shared, and finally we will have mutual support and motivation from each other.

We feel the other entities will be less satisfactory for reasons based on a Sole Proprietorship, being a business run by one individual for his or her own benefit. Finally, operating as a Corporation would mean we would be operating under state law, whose scope of activity and name are restricted by its charter. These two entities will not be...