Question

Am 16 years old and I love little kids. I like to organize special events—like birthday parties for children. I have decided that a great way to earn extra money is to provide families with children’s birthday parties for a modest fee. I do it all—arrange the food, supply the music, decorate the party room, play games, give away small prizes, even play the part of Bongo, the Birthday Clown. Families I know love the idea. I have an advertising plan figured out, with posters to put up at the local grocery stores.
What type of business organization do you recommend? Why?

Answer 1

The type of business organization recommended in this case is the sole proprietorship, which is a business managed by a single person, with greater facilities to start up.

Sole Proprietorship characteristics

It is owned and managed by only one person, with no legal distinction between the company and the owner, that is, it is an unincorporated company, whose owner is responsible for paying personal income taxes on the company's profits.

Therefore, the advantages of a sole proprietorship are the reduction of bureaucracy and interest rates, giving the owner greater possibility of creating and maintaining the business.

Find out more about Sole Proprietorship here:

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