Assignment On Defining A Business - 1542 Words

Defining a Business My business â€Å"Pappa Tommyâ€Å" is a bar and restaurant. I have chosen this name because I want the customers to have a warm atmosphere when they enter my business and that they know Tommy will cook great food for them. The main products that my business will provide are noodles, rice, seafood, chicken and drinks because it is both a bar and restaurant. This business will categorise under the service business because we offer services such as cooking and table service. A service business is doing a service for a customer such as house maintenance, accounting and education. A trading business consists of purchasing finished products and goods from manufacturers for a low price and selling it to customers at a retail outlet for†¦show more content†¦Another purpose to having a partnership is that with partners, your business will have a greater financial source to allow funds for the business start-up costs and debts. Essentially, not all the payments are going to you, but to all the partners involved. However, there are disadvantages of having a partnership structure for a business. The biggest problem of a partnership is the decision making that is involved during a meeting. Most of the times, partners disagrees with each other and will ultimately lead to arguments and personal conflict. Additionally, when a partner makes a mistake and creates a problem for the business, each partner is involved with all the debts and liabilities. This is a disadvantage for you and the partners because you have to pay for a mistake a partner did and it could be at any value. Creating the Business The main reason for establishing my bar and restaurant business is because I will be earning a large income if my business does become successful. From then on, I will be able to expand and become a larger business. Another intention of starting this business is to do the work my own way, knowing that I am the boss of myself and that I have to be independent. I will be able to input my own ideas into the business without having to consult with the boss. Finally, becoming a business owner allows me to choose the hours I wish to work. I can have a