Thursday, February 13, 2020

Organization of the Future Essay Example | Topics and Well Written Essays - 750 words

Organization of the Future - Essay Example the liberty to do what they want with the business and this means whether the business will make profits or not the owner has full control over all the possible outcomes (Goldsmith, 2009). A sole proprietor cannot be fired by anybody because he owns the business thus he can do his job at his own speed. In this form of business, owner can decide to give any name that he or she wants to and this also means that the owner can call his business by his name or just come up with a fictitious name without being asked for any explanation. This is the most famous legal forms of commerce due to the fact that it has the ease of setup, nominal cost and its wide simplicity (Mole, 2003). When it comes to legalizing a sole proprietorship business, one only needs to register his or her name and get legal licenses of the business and there it is ready to start operating. One of the only disadvantages of the sole proprietorship is that the business owner remains responsible for any losses that the business undertakes and this means that if the business goes through a financial crisis then creditors are allowed to come and bring lawsuits against the business owner. When such suits take place successfully then a sole proprietor is forced to pay the debts with his or her own pocket money and this is where the pain of the money lost is greatly felt (Witte, 2000). Another benefit of a sole proprietorship business is that while business checks are written by creditors, they are printed with the name of the business owner or with the fictitious names that the business bares and this means that a sole owner can bring lawsuits against another company that bears its business name. Many businesses in the modern world begin as a sole proprietorship then along the way depending on its rate of growth it graduates to more complex forms and this also benefits the owner in a huge way (Ostroff, 1999). Competitors of Cosmos Cuisine are big restaurants and hotels in town such as Jazz restaurant

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