Operational Procedures for a business plan
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April 14, 2013
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1 / 230
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When considering a business structure, you have three basic choices- sole proprietorship, partnership and corporation – each with it’s own advantages and disadvantages.
Business Structure Advantages Disadvantages
Sole Proprietorship Full Profits Personal liability
Partnership Easy to form Unlimited liability to all partners
Corporation Corporation protects you from personal liability Higher taxes
Subchapter S Corporation S corporation avoids double taxation penalty Limited to companies with fewer than 75 shareholders...
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We can begin to discuss the importance of having advisors and a board of trustees for a retail business. Such group is appointed to assist you on dealing with issues such as negotiating a lease to reviewing financial statements. It is important that such group be a prominent board whose members are respected in your particular industry in order to add credibility to your business...
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