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Legal Structure Of A Business Essay

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When an entrepreneur decides to open a new business the first thing he needs to think is the type of the legal ownership, if it will be sole proprietorship or a partnership. This depends on the business needs, the financial resources that it have, how much financial liability can it afford, how easily can it be formed and an important criteria are the strengths and weaknesses that the business have in comparison with other businesses in the same industry.
The legal structure of my business will be sole proprietorship, which is defined as the form of business ownership where the company is owned and operated by a single person. So I will be in the same time the owner and the manager of my own business.
-Reasons that I have chosen Sole Proprietorship …show more content…

This strategy defines the company’s strengths and weaknesses, as well as opportunities and threats. It is important to identify the target market based on the product that the company sells and trying to achieve the goals by staying within the current budget of the business.
 Attract new customers through more investment to promotion and advertising of the business. The advertising strategy includes the establishment of the public awareness and existence of my business. It’s very important that the customers create an idea of the business by a good advertisement strategy. Promotion is the start point of the development of the company.
 Using new technology will increase the productivity and efficiency of the business, better equipments also brings larger profits. Nowadays technologic equipments are necessary everywhere and a developed technology will save time, money and resources.
 Opening an online sales website, so the customers will have the possibility to find and buy everything they need from their home. Online shopping has become a trend now because it’s easier to do and saves time. This would increase the incomes of my

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