Question

Please answer the following questions in essay form: 1-You have decided to become an entrepreneur and form your own business organization. Which type of business organization would you set up? Explain why you selected to set up that type of business organization for your new business.

Answer 1

I would like to form a sole - trading business .,Because I Am the only boss for my business firm

Step-by-step explanation:

The reasons for choosing sole - trading business ...,

Because I Am the only boss for my business firm It needs low start-up costs I should enjoy maximum privacy. Establishing and operating procedure of business is simple. it's easy to change my legal structure later if any change occurs. As a sole trader i can retain all the profits from my business, rather than having to share them with other shareholders or partners. As well as profit retention, as a sole traders i may also retain my ownership of my personal assets used in the business.

But i know that as the owner of my own business I will be personally liable for all business losses and liabilities. The benefits is more than the con's.,so i have decided to form a sole - trading business