Lorraine said that invention has been the growth of technology over the years. The simplest ideas she believes have made life easier for people all over the world. Lorraine stated that many inventions have started within a person home just messing around with a thought of something he or she would love to have patent. Lorraine’s invention thought pertains to the snow issues many states face during the winter months. This device makes life extremely easier for all people that drive cars. Her invention wills able people to melt the snow within sixty minutes.
The device is a drivable heated snow plow to eliminate the stress that comes with tremendous snow falls. There are three forms of business which are Sole Proprietorship, General Partnership and Corporation. I will further explain the meanings of each and their function. Introduce the pros and cons of each type of each business structure. This will include the responsible of each type of ownership and the importance of the legal, social and economic environment of each. Lastly give one example of each form type business.
The invention idea came to me after living in an area with tremendous snow falls every year. This device will make everyone’s life less stressful. Snow is beautiful while it is snowing but after it stops what a mess especially after you has received a foot or more of it. After the kids and adults have played in it and then it becomes hard. Trying to shovel the snow at this point is very difficult especially when the temperature starts dropping. If you don’t shovel the snow before it turns to ice underneath the top layer of snow it becomes challenging.
The invention works just by driving slowly over the snow and the heat melts through the snow until you see the street, sidewalk or driveway. This vehicle has a 50 gallon tank to hold the melted snow and ice. The invention runs on electricity, light in weigh and easy to drive. This is equipment that will growth once it is patent and place on the market. I believe that this will be become as popular as the flat screen TV had become over the years.
The problem I am facing now is that getting started with limited finances. There are three other possible drawbacks the lack of management skills and finding a reliable patent company that will not steal the idea. There have been many patents in the past that have been stolen from the original owner of the invention. The most important drawback is the lost time with my family because such an adventure requires a tremendous amount of time and energy. The effort will be rewarding once my invention has been introduce to the world. This product is one of a kind and will be affordable.
There are three types of business formation. When starting a business you must first determine what type of business you are forming, rather there is a partner or a group of people. The first type of business is Sole Proprietor, which means you are the owner of the business and have full control all every aspect of the operation of your business (Editorial Broad, 2011). You are the only decision maker within your company. The advantages of sole proprietorship are it is very easy to form and starts with little cost to the individual (Editorial Broad, 2011). Your business may be just you or other employees.
The disadvantages of sole proprietor he or she are considered both the owner and business this will allow and sues, legal problems are attached to the owner personal asset or income (Editorial Broad, 2011). For example, if a customer is hurt at your business he or she may sue on your personal asset such as your home or any asset you have acquired personally the sole proprietor has to pay taxes as personal taxes and all debts of your business are on him or her (Editorial Broad, 2011).
General partnership is an agreement between two or more individuals this structure also is fairly easy to start (Editorial Broad, 2011). All individuals in the agreement are equal in the profit and/or debts responsible (Editorial Broad, 2011). With this type of form of business structure partners may not agree upon all decision make in the business, which is a disadvantage point in having a partnership (Editorial Broad, 2011). Within this structure in most cases each partner has a special role in the partnership (Editorial Broad, 2011). For example this type of partnership may be a lawn care service where one person may be over the training another of financial part and still another of supplies and equipment (Editorial Broad, 2011).
The last type is a Corporation organization, there are no individual responsibly for any of the debts, sues, or taxes (Editorial Broad, 2011). This type of structure has the ability to sell stock in order to increase revenue, which are called stockholders (Editorial Broad, 2011). Stockholders have to right to ask questions pertaining to the business aspect (Editorial Broad, 2011). A disadvantage point of a corporation structure is double taxation on the business as well as taxes in dividends (Editorial Broad, 2011).
Corporation structure have more resources in getting capital and start fund then the other type of business forms, this is an advantage (Editorial Broad, 2011). For example hospitals, chain retail stores and government business growth and more profitable (Editorial Broad, 2011).