This paper analyzes a case study of a sole proprietor being offered the chance of becoming a part of Plumbco, Ltd., a private limited company in the U.K..
Written in 2005; 990 words; 3 sources; APA; $ 35.95
Paper Summary:
This paper explains that a sole proprietorship is the simplest type of business organization in which the proprietor is the single owner of all of the assets of the business and is solely liable for all the debts and obligations of the business. The author points out that a sole proprietor chooses his working hours, is his own boss and does not have to answer to anyone but himself; but he must shoulder the entire workload by himself. The paper relates that a private limited company is a type of incorporated firm, which offers limited liability to its shareholders
but which places certain restrictions on them; joining a private limited company will help ease his workload, make more money through the overall profit and shares of the company and he would not be held
responsible for any debts but John would lose his personal touch of interacting with his customers, the accounts and tax regulations of the company becomes more complicated than a sole proprietor, which means John may have difficulty understanding the financial aspect of the business.
Table of Contents
Sole Proprietorship
Sole Proprietorship Advantages
Sole Proprietorship Disadvantages
"Plumbco, Ltd."
Private Limited Company
Advantages and Disadvantages
Conclusion
From the Paper:
"John Smith is a middle-aged man who has been running his own plumbing business successfully for the last 15 years and has built a good reputation within his community. His plumbing business has improved with each year and is doing very well. John's plumbing skills and the work he has done over the years in his neighborhood has earned him a very good reputation and helped him to build a solid client base. John is
very happy with his business and plans to hand over the business to Adam, his son, as he wants him to take over this sole proprietorship business when he decides to retire."
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