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Good Planning in an organization
The first decision that the entrepreneur must make is what type of business he/she wants to start. The decision should be based on the amount of knowledge and skill that they have in the field that they are considering. The better that they know the industry, the stronger there likelihood they will have a successful business. THESIS. Business can operate under three legal structures which are: Sole-proprietorship, Partnership and a Corporation. The understanding of these is crucial to the decision of which structure is the best one for the entrepreneurs business. In a sole-proprietorship, the owner retains total control of all the decisions that need to be made. The ability to raise capital is limited by the financial resources and the credit worthiness of the individual owner. The owner has the ultimate liability for all the actions and debts of the business. A sole-proprietorship is not a separate taxable entity. The individual owner reports......

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Approximate Word Count: 675
Approximate Pages: 3 (250 words per double-spaced page)

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