Legal Ownership
Type of Legal Ownership: Partnership
People I intend to operate the business with: My mother Lilian and my father Allan
Rationale: There are many reasons why a partnership would be best for the business. The first reason is that responsibilities would be shared between all three of us. I think that if you were running a business as the only owner, things could get extremely stressful because you would have all the weight on your shoulders. Also, tasks would get done faster if there were more people to do them. The second reason is that my mom, my dad, and I all have complementary skills that would help make the business successful. My mom used to be an accountant, so she could manage the financial responsibilities of the restaurant. My dad does all the cooking at home and is very interested in it, so he could be the executive chef. I am a creative person, so I could come up with the logo, advertisements, promotions, and services for the business. The third reason is that there would be more people to brainstorm ideas with, and more people to help solve problems. If you were a sole proprietor and you had an idea for a new menu item, no one would be around to give their opinion and advice about it. What if other people thought the dish was too plain? Brainstorming alone is usually not as productive as brainstorming with other people. You can not build off other people's ideas. In a partnership, there would be a variety of ideas about the new menu item, and everyone would have a different opinion on what should be in the dish.
Although you would not get the full amount of money, and there would be unlimited liability in a partnership, you would get the benefit of working with people who have complementary skills.
Type of Legal Ownership: Partnership
People I intend to operate the business with: My mother Lilian and my father Allan
Rationale: There are many reasons why a partnership would be best for the business. The first reason is that responsibilities would be shared between all three of us. I think that if you were running a business as the only owner, things could get extremely stressful because you would have all the weight on your shoulders. Also, tasks would get done faster if there were more people to do them. The second reason is that my mom, my dad, and I all have complementary skills that would help make the business successful. My mom used to be an accountant, so she could manage the financial responsibilities of the restaurant. My dad does all the cooking at home and is very interested in it, so he could be the executive chef. I am a creative person, so I could come up with the logo, advertisements, promotions, and services for the business. The third reason is that there would be more people to brainstorm ideas with, and more people to help solve problems. If you were a sole proprietor and you had an idea for a new menu item, no one would be around to give their opinion and advice about it. What if other people thought the dish was too plain? Brainstorming alone is usually not as productive as brainstorming with other people. You can not build off other people's ideas. In a partnership, there would be a variety of ideas about the new menu item, and everyone would have a different opinion on what should be in the dish.
Although you would not get the full amount of money, and there would be unlimited liability in a partnership, you would get the benefit of working with people who have complementary skills.