Business Structures
Corporation business structures
Preference of Corporation Business Structure Over Other Known Structures
In this paper, we will choose the corporation business structure as an ideal choice for the firm McDonalds in order to carry out its operations. We will define the merits which a multinational firm like McDonalds can take advantage of if because of this structure, also we will have an in-depth look on other structures such as sole proprietorship and partnership and focus on their strengths and weaknesses.
Review of Sole Proprietorship and Partnership
Let's review the structure of sole proprietorship first, it is regarded as one of the least expensive and easiest way to start any business as compared to corporative and partnership structure. Here the overall business as well as the business owner is viewed legally as a same entity. This however has its own disadvantages which in our chosen case of McDonalds could result in many risks for the firm. First, there isn't any type of legal distinction between owner and business in sole proprietorship, therefore if the owner is involved in some sort of legal or financial trouble then it could jeopardize the whole business itself. For a firm like McDonalds which operates its business on a multinational level it is extremely risky to hand over the charge to one person or entity completely.
Sole proprietorship structure is also known to have very limited ability to raise capital, this is because it is very difficult or impossible to sell shares or interest in the business for the sake of acquiring capital and this also makes it difficult to obtain any sort of loans or other funding resources. The business owner is also known to be in charge of all the aspects of the business, this includes the service and product development alongside accounting, customer service and marketing. Many of the sole proprietors have...
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