The simplest type of business you must know

[Starmix]

Many of us here keep on talking about businesses and perhaps one of you had mentioned the simplest type of business, yet not well elaborated, that is why I am going to make this simple so others will realize that there is no need to have a partnership in business. This simplest type of business is called " sole proprietorship ". It is owned by one person and there is no distinction between the person and the business. It will be the business owner to share the profit to himself and losses. No one will talk much about business failure or success. Do you like to do business solo?

 

[cherry123]

Yes sometimes I like to go solo on a lot of things especially the ones that will help me to actualize my goals so I like it.

 

[Starmix]

I also prefer to work on a solo proprietorship to avoid chaos and disagreements of an idea of business changed and improvement. The partner may keep on opposing so better do solo.

 

[Hate2Wait]

Yes if I ever start some sort of a business then it will be sole proprietorship as I will be the one managing it and no need of outside partners

 

[cherry123]

With solo business you are sure of getting the profit all to yourself nobody is taking or sharing the profit with you.

 

[Hate2Wait]

We can take help of our parents and family members but no need to make them answerable in business

 

[Starmix]

You're so right, no sharing of profit especially if you're business partner is not always attending to the updates of the business.

 

[cherry123]

Yeah you don't have to share your hard earned profit with anyone you know how to save the company profit too.

 

[Hate2Wait]

We also don't need to discuss with anyone and do what we want in a business and this is why its mostly suited for small business or for stores

 

[Starmix]

Unless it's a big corporation, corporator are required before granting the permit to operate from the Securities and Exchange Commission (SEC).

 

[Hate2Wait]

Yes in big companies we cannot expect one person with control as they have a board of directors and share holders too

 

[Starmix]

That's correct and you need to submit your board structure and business vision and mission if suited to the plan and clients far and near.

 

[Hate2Wait]

It's for bigger companies and for small you can be the sole trader and if you want you can add some of your family member as partner if you trust them

 

[Starmix]

That's the best advice for a solo proprietor to better seek assistance from a close family member especially the eldest brother in the family.

 

[Hate2Wait]

This is how most stores work in my country and state as they are managed by families and mostly they are brothers working and they also add their kids once they are matured

 

[hastral45]

Sole proprietorhip is a one man business. It is the most simplest business that can be formed. As the owner, you are the decision maker. If your decision is good, you earn the profit. If it is bad, you bear the losses.

 

[Bisolami]

Sole proprietorhip is a one man business. It is the most simplest business that can be formed. As the owner, you are the decision maker. If your decision is good, you earn the profit. If it is bad, you bear the losses.

You are very right about this that is sole proprietorship is the simplest business that can be formed but it needs the owner to be very conversant with whatever business he or she wants to do

 

[Starmix]

This is how most stores work in my country and state as they are managed by families and mostly they are brothers working and they also add their kids once they are matured

It also happens here the parents designate their kids to something they can help or assist in their business to practice. No other party is involved.

 

[Shavkat]

This is what I prefer than having a partnership. At least, being a solo owner, I do not need to wait others to decide for the business.

 

[Starmix]

You're right there is no one to dictate us about what to do in business that might cause conflict and misunderstanding.