Sole Proprietorship
Mrs. Vail’s Candy Store is owned and operated by Mary Vail. Her Candy Store has been a neighborhood business for over ten years now. Mrs. Vail’s sales quarter juices, potato chips, nachos, cookies, and a wide assortment of other goods. Mrs. Vail’s considers her self a small business and doesn’t plan on expanding at all, she just enjoys putting a smile on the faces of the neighborhood children. Mrs. Vail’s also donates candy to neighborhood block parties in our area in the summer time, she doesn’t mind because she can always write it of on her taxes.
Partnership
Chuck’s Gun Shop is a family owed partnership and operated by three family members. Chuck’s sells new and used guns and also have an indoor shooting range. They chose this business for the love of hunting, firearms, and the demand for gun will never fade. One drawback that they don’t like is when someone purchases one of their firearms and goes out and commits a crime the media makes it look like is their fault and it make the business look bad. This would be considered a small business because they have no plans for expansion. Chuck’s Gun Shop employs six people and has been around for more than thirty years.
Corporation
The corporation that I chose to write about today is Lockology Natural Hair Salon. Lockology is powered and owned by a thirty five year old entrepreneur named Lenny Shaw. Lenny chose a corporation because of the tax benefits. Lenny got his start working at another salon but didn’t like the environment. He figured that he had enough cliental so he took his skill and knowledge and started his own business. The only real drawback of his business is when a client makes an appointment and does not show up. Wh ...