Comparative Paper On Owning Your Own Business

| A sole proprietorship is easy to create; there is minimal creation cost and time.The single owner has autonomy in decision making; sole owner makes all decisions related to the business and has complete ownership of business’s finances.

SOLE PROPRIETORSHIP: Sole proprietorships are the most common form of business in the United States. You and your business are one in the same. While being your own boss as its advantages, like working your own hours and collecting all profits made by the business, there are some disadvantages. For starters is coming up with starting working capital. Most Sole Proprietors have to seek funds from other sources.

For this assignment, the two contrasting businesses where both businesses have different types of ownership and liability such as one being a for-profit business and the other one being a not-for-profit business. The two businesses are Tesco PLC and RSPCA which Tesco PLC is the for-profit business and RSPCA is the not-for-profit business.

Sole Proprietorship would give you complete control since you assume all the risks, which mean you get all the profits, but you also suffer all the losses and liabilities. There is little to no paperwork to be done with a sole proprietorship. You only pay personal income tax to include Social security. The business doesn’t have to file a tax return, but you are still liable for payroll, unemployment and compensation taxes (Clarkson, Miller, & Cross, 2016).

Sole Proprietorship: The word proprietorship can sound intimidating. It is important to remember that most things are simplified with knowledge. If your business is a sole proprietorship then you as an individual are the owner and operator of that business. This means the sole proprietor handles everything from setting up

Data from the National Survey of America's Families found that seven percent of the TANF leavers it sampled in 1997 were self-employed. This is similar to the national rate of self-employment, which was 8.1 percent in 1997. It is also higher than the self-employment rate among women, which was 6.6 percent in 1997. In rural areas, self-employment is an even more important source of employment—in 2002, 10.4 percent of workers in nonmetropolitan counties were self-employed, compared to 7.2 percent nationwide. And, in some rural areas, the role of self-employment is even more pronounced. For example, a recent study by the Center for Rural Affairs found that nonfarm proprietors constituted 22 percent of employment in rural farm counties throughout the Great Plains states”( 1).

Each type of employment status has different legal rights, so it is important to know which category the individual falls into as their employment status will determine their rights at work. Self-employed people are effectively their own boss and do not have employment rights in the same way as employees and workers. For example, in many cases they can decide themselves how much they are paid and what leave to take. It's important to know what a person's employment status is, because

Self-employed people will run their own business, they will be contracted to provide a service their clients. They will not be paid through PAYE and they do not have the same employment rights as employees or workers, Self-employed people will however still have protection for their health and safety on a client’s premises, they will have their rights and responsibilities set out in the terms of the contract with the client. They will not be entitled to holiday pay. They may however in some cases be classed as self-employed for tax purposes but classed as an employee or worker for employment rights. See point 2 Appendix

Self employed - if you are not employed in a contract of employment with an employer but contracted to provide services other a period of time for a fee or be a business in your own right. Therefore a person will work for themselves rather than a employer. You do not have employment rights but have to pay your own income tax and national insurance contributions.

Coca Cola is a soft fizzy drink sold in every store throughout the world. It is produced by The Coca Cola Company of Atlanta in Georgia, and is often called as Coke.

Starting a business is the latest trend. Just take a look at Instagram. Several profiles have the caption ‘Entrepreneur’. At this very moment, there is someone, somewhere working on an idea, a business plan or launching a startup. Entrepreneurship is on the rise like never before. The flexibility and independence that comes with being one’s own boss is attractive and worth taking the leap in starting a business. However, most people don’t know that being an entrepreneur is a grueling journey that can be very lonely and stressful at times. According to the Small Business Administration (SBA), 50% of businesses fail during the first year. Starting a business can be a scary task, but the

There are many advantages and disadvantages when owning your own business. When you own you own business, it’s known as a sole proprietorship. But with any type of business, there will always be advantages and disadvantages.

Autonomy is a goal of emancipation which is defined as breaking free from the authority of another. The hope for autonomy is one of the main drivers of efforts to become self-employed. Breaking free suggests the desire to make one’s own way in the world, breaking up draws attention to the striving to imagine and create a better world. Analyzing the seeking autonomy aspects of entrepreneuring opens up the following directions in entrepreneurship research:

First Difference between self employment and employment is freedom. When we choose to work, a lot of thoughts come to mind such as “Will I wake up so early tomorrow morning?” or “Will the bus arrives on time” and so on. After that we defiantly think about working for ourselves. When we are self employed, we set up our own schedules, meetings and work hours. We wake up when it is convenient, take lunches

The unstable economics and advanced technology that is behind this rush of self-employment, it also seems to be a generational and cultural miracle. The average job duration is 4.4 years. Accepting your career options can help isolate you from the resulting fiscal pressure if a startup fails, or if you’re laid off from the jobs. The employees with full time work for one company and is earned either by hourly or salary for work. Contractors and freelancers have a very diverse relationship with companies, which means now not as employers, but clients. The difference between contract and freelance work itself, but, is a little less clear, and one can occasionally shape into the other.