Restaurant Business as One of the Most Rewarding Type of Small Essay

Restaurant Business as adeptness of the Most Rewarding Type of Small Businesses - Essay ExampleAccording to the research findings, it can, therefore, be verbalize that restaurant air is one of the most rewarding types of grim professiones. The researcher has witnessed one of his uncles advances so much economically because of owning one of them. His restaurant is a fast food restaurant located in the middle of one of the busy streets in Saudi Arabia. The main types of food served at the restaurant atomic number 18 chicken, chicken burgers, fries,burgers,pizza, sandwiches, junk food among other fast meals. Fresh fruit juices be also served at the restaurant. The restaurant offers quick dining for those who have time to sit and eat but for those who have no such time, quality food packaging services are offered. The legal ownership structure of the business The legal ownership structure for the restaurant in question is the sole proprietorship. The business is classified chtho nian sole proprietorship type of business because only one person legally owns the business, and he and the business are treated as one entry. He did not collaborationist with anyone in or international the family in the setting up of the business or running it. Instead, he is the overall manager of the business, overseeing operations, and employees ilk chefs, customers attendants, and cashiers. At the end of every month, all the profits or losses are upon him alone and he carries liability for any debts incurred. Alternative possible structures An alternative for the sole proprietorship is General Partnership. However, their losses are determined by the extent of their investment. Peacock states that as for a Limited Liability Company, no partner is personally liable for any debts incurred by the business. Before commencing with business, all partners make a written treaty detailing the organization of the business, alienability of interests, provisions of management, and distr ibution of profits and losses. Sole proprietorship as the most steal structures Sole proprietorship is the most appropriate type of business ownership structure, especially for a small business. It is best fitted for hardworking individuals and those who can learn to sacrifice for a better tomorrow. This is because the owner can settle to plow back a large portion of the profits accrued over a stream just to ensure that the business expands within a short period. As for partnerships, not all partners could be ready to make this sacrifice. It is easy to make decisions in sole proprietorship since opinions are sought out front undertaking anything. Such structure protects a business from the weaknesses that are found in some discrepancy of partnerships with family businesses where decisions are emotionally driven instead of being driven by logic. The owner is not have to hire any family members but qualified persons for the business. Out of the hard work of the month, there is n o one to take away any portion of the profit from the owner. Reed points out that such business is not subject to government taxes.