{"id":362,"date":"2015-04-21T20:36:45","date_gmt":"2015-04-21T20:36:45","guid":{"rendered":"https:\/\/courses.candelalearning.com\/masterybusiness1xngcxmaster\/?post_type=chapter&p=362"},"modified":"2015-07-11T22:21:17","modified_gmt":"2015-07-11T22:21:17","slug":"putting-it-together-7","status":"publish","type":"chapter","link":"https:\/\/courses.lumenlearning.com\/wmintrobusinessx51xmaster\/chapter\/putting-it-together-7\/","title":{"raw":"Putting It Together: Legal Ownership","rendered":"Putting It Together: Legal Ownership"},"content":{"raw":"

Summary<\/h2>\r\nIn this module you learned about the various legal forms for a business, as well as some options for starting up your own business\u2014namely, franchising and mergers and acquisitions. We finished up the module with resources to assist business owners (both aspiring and existing) in the operation of their business. The\u00a0following are key takeaways from this module:\r\n

Forms of Business Ownership<\/h3>\r\nSole proprietorship, partnerships, corporations, and hybrids (LLC, LLP) are all possible options for the legal formation of a business. Each structure carries risks and rewards, costs and benefits. Which\u00a0form of business ownership is best\u00a0for an individual depends not only upon\u00a0the nature of the business opportunity but also the level of personal exposure to risk the owner is willing to accept.\r\n

Types of Corporations<\/h3>\r\nCorporations, although the most common form of business ownership, are\u00a0the most complex structure to start and maintain. Fortunately there are options within the corporate structure that enable the business owner\u00a0to take advantage of the limited personal liability and benefits of corporate organization. Which type of corporation an owner selects will largely be determined by the size, objectives, and vision for the business.\r\n

Franchising<\/h3>\r\nFor aspiring business owners who do not have the time, vision, or resources to \"start from scratch,\" franchising is a viable alternative for business ownership. Everyone is familiar with franchises\u2014many\u00a0industries such as fast food are almost wholly comprised of franchises. As appealing as this may seem, there are still risks to franchising for both the franchisor \u00a0and franchisee.\r\n

Mergers and Acquisitions<\/h3>\r\nOne of the quickest ways for a business to expand into other markets or products lines is either to merge or acquire\/purchase another company. Although this is common in today's business environment, there are still many complex factors to consider\u00a0before deciding whether a merger or acquisition is the optimal solution.\r\n

Assistance in Starting a Business<\/h3>\r\nStarting, running, and\/or expanding a business can be a daunting task, as there are legal, financial, social, environmental, and personal implications for nearly\u00a0every decision. Fortunately for businesses, there are organizations and agencies such as the Small Business Administration and its sub-agencies such as the Office for Veterans Business Development to provide reliable, free assistance.\r\n

Synthesis<\/h2>\r\n\"opportunity-396265_640\"<\/a>\r\n\r\nNow that you have come to the end of\u00a0this module, you should understand that there is a range of possibilities for structuring, starting, and growing a business. Each choice has its advantages and disadvantages, and there is no single set of choices that will accommodate all businesses. Fortunately a number of\u00a0organizations and agencies exist for the sole purpose of supporting new and existing businesses. Just knowing that there are choices to be made and a variety of possible paths is critical to the success of any business venture\u2014large or small.\r\n

Additional Resources<\/h2>\r\nU.S. Small Business Association (SBA) website<\/a>","rendered":"

Summary<\/h2>\n

In this module you learned about the various legal forms for a business, as well as some options for starting up your own business\u2014namely, franchising and mergers and acquisitions. We finished up the module with resources to assist business owners (both aspiring and existing) in the operation of their business. The\u00a0following are key takeaways from this module:<\/p>\n

Forms of Business Ownership<\/h3>\n

Sole proprietorship, partnerships, corporations, and hybrids (LLC, LLP) are all possible options for the legal formation of a business. Each structure carries risks and rewards, costs and benefits. Which\u00a0form of business ownership is best\u00a0for an individual depends not only upon\u00a0the nature of the business opportunity but also the level of personal exposure to risk the owner is willing to accept.<\/p>\n

Types of Corporations<\/h3>\n

Corporations, although the most common form of business ownership, are\u00a0the most complex structure to start and maintain. Fortunately there are options within the corporate structure that enable the business owner\u00a0to take advantage of the limited personal liability and benefits of corporate organization. Which type of corporation an owner selects will largely be determined by the size, objectives, and vision for the business.<\/p>\n

Franchising<\/h3>\n

For aspiring business owners who do not have the time, vision, or resources to “start from scratch,” franchising is a viable alternative for business ownership. Everyone is familiar with franchises\u2014many\u00a0industries such as fast food are almost wholly comprised of franchises. As appealing as this may seem, there are still risks to franchising for both the franchisor \u00a0and franchisee.<\/p>\n

Mergers and Acquisitions<\/h3>\n

One of the quickest ways for a business to expand into other markets or products lines is either to merge or acquire\/purchase another company. Although this is common in today’s business environment, there are still many complex factors to consider\u00a0before deciding whether a merger or acquisition is the optimal solution.<\/p>\n

Assistance in Starting a Business<\/h3>\n

Starting, running, and\/or expanding a business can be a daunting task, as there are legal, financial, social, environmental, and personal implications for nearly\u00a0every decision. Fortunately for businesses, there are organizations and agencies such as the Small Business Administration and its sub-agencies such as the Office for Veterans Business Development to provide reliable, free assistance.<\/p>\n

Synthesis<\/h2>\n

\"opportunity-396265_640\"<\/a><\/p>\n

Now that you have come to the end of\u00a0this module, you should understand that there is a range of possibilities for structuring, starting, and growing a business. Each choice has its advantages and disadvantages, and there is no single set of choices that will accommodate all businesses. Fortunately a number of\u00a0organizations and agencies exist for the sole purpose of supporting new and existing businesses. Just knowing that there are choices to be made and a variety of possible paths is critical to the success of any business venture\u2014large or small.<\/p>\n

Additional Resources<\/h2>\n

U.S. Small Business Association (SBA) website<\/a><\/p>\n\n\t\t\t

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Candela Citations<\/h3>\n\t\t\t\t\t
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CC licensed content, Original<\/div>