Case 2: Joseph LeBlanc, a student looking for summer employment, opened a bait shop in a small shed on a local fishing dock. For this case, I think the type of business here is Sole Proprietorship. Joseph LeBlanc a student looking for a summer employment and decides to open his own bait shop is a very big responsibility. If his business is Sole Proprietorship, it will benefit him in a lot of ways. He will be the boss of himself, which makes him getting all the profit and only very simple accounting will be needed in this type of business.
As well, He will be able to choose the hours he would like to work and open his bait shop that will adjust to his studying periods, I however think, for a student starting his own small business can be very expensive at start. It can vary from $100 to even $1000. Especially, when he needs to study and manage the accounting in his business. Therefore, my solution to this situation is that Joseph LeBlanc should continue being the boss of himself in his business, but making sure he has a perfect timetable that can be flexible enough to give him time to study for school and manage his business.
Organization is the key ingredient to be successful in this business in this case. Case 4: Darcy Becker, Ellen Sweet, and Meg Dwyer recently graduated with marketing degrees. Friends since childhood, they have decided to start a consulting business that focuses on marketing sporting goods over the Internet. For this case, I think the type of business here is partnership. Darcy Becker, Ellen Sweet, and Meg Dwyer are all graduates with a marketing degree, which give them an advantage of for supporting and managing their business.
Partnership will benefit all three of them individually. When important decisions to are needed, all three graduates has each other to decide and discuss the decision with, as well as, all three graduates will have less work load which gives them time to find a proper business that does not interfere with the internet. Therefore, the responsibility will be shared amongst all three graduates, especially when the starting price of the business is not as expensive to start compared to sole proprietorship.
However, this business is an unlimited liability business, which means that all three graduates will lose everything in addition to their investment; anything that is of their property, not under their parents’ names. Therefore, to minimize this disadvantage of this type of business, I recommend the three graduates to open a separate account for their business and making sure that when they give in their personal information to open their business, they will not lose everything they own but only what they have given in to open their business. Organization and being responsible is the key ingredient in this case study.