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Experience of Small Business - Essay Example
Author : genevieve96
Finance & Accounting
Pages 4 (1004 words)
Restaurant business is one of the most rewarding type of small businesses. Personally, I have witnessed one of my uncles advance so much economically because of owning one of them…
Restaurant business is one of the most rewarding type of small businesses. Personally, I have witnessed one of my uncles advance 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 are chicken, chicken burgers, fries, burgers, pizza, sandwiches, junk food among other fast meals. Fresh fruit juices are 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 sole proprietorship. The business is classified under 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 partner with anyone in or outside 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 like 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 sole proprietorship is General Partnership. ...