Issues at hand to consider in business world.

Contents of this section
For an existing business, the following information should be spelt out:
1. Name of BusinessLegal name and trade name, if any.2. Date and place of Registration or Incorporation, If any3. Date actual operations began or planned to begin.4. Brief History:Discuss the type of business, the major events in the past operations and discuss the results, mentioning sales history when pertinent.5. Form of Business OrganizationCompany, Partnership or Sole proprietorship
The entrepreneur has choice when it comes to deciding the type of business organization, which include the following:• Sole proprietorship• Partnership• Joint stock company• Private limited liability company (by shares or guarantee)
a)Sole proprietorship
This is a business owned and controlled by one person. The individual may borrow money and employ assistants but he or she alone is responsible for the results of the business. When the business succeeds he or she receives all the profits and in case of failure, he or she bears all the losses. A sole proprietor is formed, financed, owned and managed by a single individual who bears all the risks and receives all the gains.
A sole proprietor has the following indicators:• Single ownership• One man control• Undivided risk• The debts of the business become the debts of the owner without any limit• The business and the owner are the same, they are not separate• Sole proprietor as a form of business organization has the following advantages:• It is easy to form• The benefits are direct to the owner. This increases the morale of the owner• Quick decision making• The owner can easily change the business (it is very flexible)• There is personal touch. Owner is in direct control and operations of the business• Because of one man control, the owner enjoys a high level of business secrecy
b)PartnershipA partnership is an agreement among two or more persons to do business together and to share profits from the business.
This form of business has the following key indicators:• Two or more persons (maximum of 10 in a banking business and 20 in other businesses)• There must be an agreement. This agreement may be written or oral• Sharing of business• Business is carried out by all or by one on behalf of all• The debts of the business become the debts of the owners without any limit• The business and the owner are the same, they are not separate
c)Joint stock CompanyA Joint stock company may be a Private company or a Public company
d)Private Company A private company has a minimum number of Two (2) shareholders required and it limits the number of its members to 50 (employees are not part of this number).
Names of Owner, Partners or major investors
For a proposed business, provide as much of the above information as is possible. Instead of a brief history, you should explain what the business will be, how the idea originated, and how the business is expected to develop. Indicate the approximate date that you expect to begin operations. If the business has not been registered, indicate the approximate date that you expect to register it and the state that it will be registered in.
If you are proposing to start a new business, have you really thought through the risks involved? Over half of all new businesses fail: Will yours follow that trend? If so, what will you do? Will you and your family survive the blow? By planning the business carefully and evaluating alternatives, you will reduce the risk, but it can still happen. If you are already in business, what risks did you take when you started? How different have things turned out? What risks do you face in your expansion plans? Will you be able to survive failure? Remember that entrepreneurs are not gamblers, but they must and do take risks. Have you got what it takes?