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PLANNING FOR SUCCSESS Planning is a key factor in the success of any business and conversely the failure to plan adequately is one of the fastest routes to business failure There are many considerations that an entrepreneur must decide such as type of business legal structure permits and licenses market planning business plan location organization management planning business telephone line mission statement and a business checking account There are many sources of information to help to start a business in an organized way such as a business plan from the office of Economic Development Planning located in the County Office Building or books in that can be found in any library The first decision that the entrepreneur must make is what type of business heshe wants to start The decision should be based on the amount of knowledge and skill that they have in the field that they are considering The better that they know the industry the stronger there likelihood they will have a successful business and the better base they will have for the rest of the decisions that will have to be made in the time to come The next important decision in the business planning process is the legal structure of the company The three legal structures are Sole-proprietorship Partnership and a Corporation Each one of these legal structures has its advantages and disadvantages The different aspects that each legal structure differs are management control capital liability income taxes business continuity and government regulations The understanding of these different issues is crucial to the decision of which structure is the best one for the entrepreneurs business Be sure to consult an attorney before making this decision In a sole-proprietorship the owner retains total control of all the decisions that need to be made The ability to raise capital is limited by the financial resources and the credit worthiness of the individual owner The owner has the ultimate liability
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