Overview

Once an entrepreneur has come up with an idea for a product or service that meets a need, they begin to investigate which form of ownership best suits their goals. They will have to consider the immediate and long-range goals and the pros and cons of each. This decision will impact financial and managerial decisions.

Forms of Ownership are covered in this modules readings and the exploration. In this assignment, you will compare and contrast the different options available for a business owner.

Outcome

2. Compare and contrast different forms of business ownership. (B)

Business Owner Scenario

John experienced great success with his first food truck, Tasty Taco Treats. The menu features extraordinary tacos, not the ground beef ones you are so familiar with. The business has won many awards for its delicious, unique menu items. John began this business operating as a sole proprietorship.

John's good friend, Luis, is a talented chef who is very interested in helping John expand. Working closely together, they have created a larger menu and made the decision to move from the food truck operation to a restaurant. The opening of the first brick and mortar location is in the works.

Anna, who has helped John run the food truck, is planning the design of the food service space and will be running the customer service part of the restaurant.

John is considering restructuring the form of business ownership and has come to you for some advice.

Instructions

Use numbers 13 in the instructions to organize and format your assignment. This ensures you include all three elements and helps readers follow your responses.

1. Explain ownership options available to John. What are the key advantages and disadvantages of each? (Maximum - one page)
2. Given what you know about Johns plans, which form of ownership would you suggest for his business? Why? (Maximum - 1/2 page)
3. The failure rate for small businesses is quite high. What advice will you offer to help John succeed and help him avoid failure? (Maximum - 1/2 page)

• Assignment length: Maximum 2 pages plus reference page
• Relate course readings to the assignment.
• Incorporate APA Style in-text citations and correctly formatted references to properly document your resource.
• Use proper grammar, spelling, and formatting.

See the Schedule in the Syllabus Module for due dates. Review the Rubric attached to the Assignment Submission Folder for grading information.