Establishing a strong ethical culture , Choosing an attorney , Drafting a founder’s agreement, Avoiding legal disputes, Obtaining business licenses and permits, Choosing a form of business organization.
Potential Payoffs for Establishing a Strong Ethical Culture:
Issues to Consider in Choosing a Legal Form of Business Ownership:
Sole Proprietorship:
- The simplest form of business entity is the sole proprietorship.
- A sole proprietorship is a form of business organization involving one person, and the person and the business are essentially the same.
- A sole proprietorship is not a separate legal entity. The sole proprietor is responsible for all the liabilities of the business, and this is a significant drawback. Partnerships:
- If two or more people start a business, they must organize as a partnership, corporation, or limited liability company.
- Partnerships are organized as either general or limited liability partnerships.
