PARTNERSHIPS VS SOLE PROPRIETORSHIP
Joan, is a jewelry designer who had created a unique new jewelry piece called a neacklet. It can be either a necklace or a bracelet. She would like to start her own business, but is not sure which form would suit her needs. She is very concerned about keeping control of her designs but has no capital except a small business loan. An older gentleman who owns his own jewelry store is eager to retire but has no buyers for his business. He has offered Joan a partnership with a chance for her to buy him out later. NewJewelry a large jewelry franchise who sells to the Home Shopping Network has offered Joan a chance to buy into their franchise and they will trademark and patent her design as part of their jewelry line. Joan comes to you to ask your advice. What would you tell her and why? Make sure that you explain the advantages and disadvantages of every business opportunity.
SMALL BUSINESS THOUGHTS
Read the articles below and identify some of the major legal issues that face small business today.
Select one issue and discuss its implications for the small business owner. What can they do to avoid the problem and what should they do should the problem arise?
3 Common Legal Hurdles and Challenges for Small Business Owners