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How Did Devon Make The Right Choice By Choosing A Sole Proprietorship?

2050 Words9 Pages

Devon is a college student and a new business owner from the state of Florida. Devon started doing yardwork for people to make some extra money. One day, he realized that he had so many yards to cut each week that he could do this in a professional way and make more money to help offset college funds. Devon opened his yard service business by establishing a sole proprietorship. He is hoping for success by offering services year round. Did Devon make the right choice by choosing a sole proprietorship? The appropriate form of business depends on the business situation, and this could also change over time as the business grows. In order to choose a form of business organization, the need of money, control, taxes, and protection from liability should be considered. A sole proprietorship is a common type of business organization for an agricultural business (Twomey & Jennings, 2013, p.916). A sole proprietorship is not a bad idea for Devon, especially if he doesn’t grow too large since he is still in college. This type of business will allow him to solely control the decisions of the business which will help him work it in with his college …show more content…

With Devon being a college student he will be spending a lot of time in class. He can only take on so much business before he starts compromising his college goals. A .partnership could be a good choice to help Devon in managing the business and school. A partnership involves two or more individuals going into business together in order to make a profit (Twomey & Jennings, 2013, p.619). Another disadvantage of a sole proprietorship is that resources for the business will be limited by Devon’s personal resources (Twomey & Jennings, 2013, p.619). This situation could also be remedied by establishing a partnership, which would allow you to pool resources together with other individuals (Twomey & Jennings, 2013,

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