My personal capital Essay Example | Topics and Well Written Essays - 1000 words

My personal capital - Essay Example What exactly will be the nature of business under the plan for my group? As a business consultant and empanelled with local chapter of chamber of commerce, I will seek to organize a seminar on emerging businesses that involve local as well as international venturing. Technical experts from various fields will be invited to take part in the workshop and discussions forming part of this seminar. Ideas about new products and services on the horizon will get exchanged; and after attaining details about two or three alternative ventures from these workshop and discussion forum the matter will be deliberated at the group level in order to take a final decision about the venture to be pursued. Next step will involve utilization of my capabilities in deciding the type of business entity to be established for the business. Do we need to incorporate our business or form a partnership is a crucial decision to be taken? The fact is that ‘the nature of your business is one of the factors th at must be evaluated in determining the best business entity for your business.’(Sherri K. DeWitt) . Though corporation provides certain protection from liabilities to shareholders, but partnerships have certain advantages as well. Partnership can be a general partnership or limited liability partnership. Then there is another alternative in shape of LLC. So the decision about incorporating the business or not is a crucial one; and my experience and capabilities intuit me to suggest corporation status as the business should always be of permanent nature and not depending upon the vagaries of ownership.