| The desire to venture into a business and take it to | | | | people each one of them invests a fixed amount of |
| great heights simmers in the hearts of many individuals. | | | | money in it. So all the expenses such as capital, |
| But the task is not as easy as it seems. A great deal | | | | management costs etc. are shared in a partnership |
| of planning and management is required in order to | | | | business. However quite often these businesses fail |
| have a successful business. | | | | badly due to disputes amongst their owners. |
| If you desire to commence a business, the foremost | | | | Somewhat akin to business partnerships yet different |
| thing to decide is its structure. The structure of the | | | | from it is a limited partnership. In a limited partnership, a |
| business often tells about the remainder of the | | | | person desires to be a part of a running business by |
| business' needs. Broadly speaking business structure | | | | investing a limited amount of money in it. In such a |
| can be of three different types- sole proprietorships, | | | | case the investor has limited rights and responsibilities |
| corporations and partnerships. | | | | while the owner/s enjoy complete autonomy. |
| Sole proprietorships, as the name suggests are those | | | | The third type of business structure is corporation. A |
| where a single individual is the proprietor or the owner | | | | corporation is a legal structure of a company in which |
| of the business. The proprietor has complete hold and | | | | owners and shareholders become one in the |
| so all the rights of the business. He alone has to take | | | | ownership of the business. Nowadays many |
| decision in all the legal and tax matters. What is | | | | businesses are becoming corporate by filing several |
| magnetizing about the sole proprietorship business is | | | | records with the state from where they operate. In |
| the autonomy of the owner. It is wonderful to be your | | | | case of a corporation the debts and losses do not |
| own boss and do things at your discretion. Also the | | | | affect the business owners. Also corporations enjoy |
| profits that are incurred belong to you only and are not | | | | various tax advantages. But many proprietors dislike |
| to be shared with anyone else. | | | | corporations for they lose their autonomy, as other |
| But there are always two faces of a coin. So if there | | | | people are also involved in taking decisions. |
| are merits, there are demerits too. If a proprietor singly | | | | Corporations can be of different forms such as- the |
| reaps fruits of profits, he alone runs the risk of running | | | | limited liability corporation, non-profit and minority owned |
| the business and in some cases even its downfall. The | | | | corporation. |
| proprietor not just invests the capital but also pays | | | | Once you settle the structure of your dream business, |
| taxes, employs workers; maintain good terms with | | | | make a business plan. A business plan acts as a |
| them etc. In other words he single-handedly bears the | | | | blueprint of a business. It gives a brief description of the |
| onus of managing his business. | | | | operation, aims, means to achieve those aims, |
| The other form of business is a partnership business. | | | | proposed targets etc. of the business. The other |
| Partnerships are basically different types of sole | | | | significant details of the business such as its location, |
| proprietorships where more than one person owns the | | | | names of authorities and so forth can also be included |
| business. In a partnership business a single individual | | | | in a business plan. Business plan is a great help in |
| cannot take any decisions regarding the company | | | | arranging finances for your business. |
| without consulting and the consent of other owners. | | | | With a perfect business plan, you are ready to turn |
| This is because if a business is started by a group of | | | | your dreams to reality. |