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Posted: June 26th, 2022
Law If I were a business owner today
Law
If I were a business owner today, I would prefer to own a sole proprietorship. For one, this type of business is simple to start. With less paperwork to file, I will only need to keep simple documentation for a sole proprietorship. As such, I will only be required to fill out a simple government form to register my business (Miller & Jentz, 2007). I would also prefer a sole proprietorship because as the owner, I will maintain total control of the business. I will have a say in everything that goes on in business and will not have to seek to be approved by stockholders, directors or anyone else. I will be able to do all the hiring and firing as well as make all decisions. Another advantage is that all income will be mine. As such, I will be able to keep all the business profits to myself. Tax fillings of a sole proprietorship are simple as well. All the business income is taxed on the personal tax return of the owner, and the business is not taxed separately (Fontana, 2010).
As an employee I would prefer to work for a corporation. This is because a corporation provides a clear path to success. It achieves this by providing employees with training programs that are well-organized so as to motivate them to feel they are geared towards success from the first day. In addition to the training, mentoring programs and additional opportunities to expand one’s skill and knowledge bases may be offered (Bakan, 2015). I would also get to enjoy employee benefits. Corporations normally have the ability to offer more comprehensive health insurance. Also, the corporations may have partnerships with businesses at the local levels to offer workers with memberships to gyms and discounts on services and goods. In-house benefits like company lunches, stocked break rooms etc. are also common with corporations (Bakan, 2015).
References
Bakan, J. (2015). The Corporation: The pathological pursuit of profit and power. Simon & Schuster.
Fontana, P. K. (2010). Choosing the right legal form of business: The complete guide to becoming a sole proprietor, partnership, LLC, or Corporation. Atlantic Publishing Company.
Miller, R., & Jentz, G. (2007). Cengage advantage books: Business law today: The essentials. Cengage Learning.
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