Recently, I have decided to begin a for profit partnership organization that would target an inner city and rural single mothers of color. In this paper I will discuss the competition of other for profit organization, the regulations required for establishing a for profit community organization. Marketing and advertising is a primary part of promoting this type of organization. I will focus on the most mutual form of advertising for this organization. The organization’s name had to have availability that would entail the purpose for the partnership. I have always discussed and desired to establish a small business that would assist with the advancement of color women within the inner city, but with the business key focus would be the rural areas within my community. After participating in various community organizations, I decided to my ideas into motion.
Sole Proprietorship versus Partnership
I had to make a determination to whether become a sole proprietorship or a partnership. Within making this decision I reviewed the advantages and disadvantages of each of the two. A sole proprietor is unincorporated businesses. Sole proprietor is often called consultants, independent contractors, or freelancers.
According to "Advantages and Disadvantages of Sole Proprietorships" (2007), an individual proprietor owns and manages the business and is responsible for all business transactions. The owner is also personally responsible for all debts and liabilities incurred by the business. A sole proprietor can own the business for any duration of time and sell it when he or she sees fit. As owner, a sole proprietor can even pass a business down to his or her heirs (para. 1).
The advantages of a sole proprietorship are that he or she has liberal decision-making and control authority over the business. Transfer or sale may occur at the discretion of the sole proprietor. A sole proprietor is not required to make corporate tax payments. There will be marginal...