My Entrepreneurial Dream
By: Sonya Pustylnik
One day in the near future, I would like to be the owner of an architectural firm.
I believe that this business would be successful because most people want to live
in beautiful homes and have attractive offices. In order for them to satisfy their
desires of owning fine-looking homes and offices, they need the services of gifted
architects, interior designers, and engineers.
The type of business ownership that would be best suited for my business would be
a sole proprietorship. I would like to be the owner of a sole proprietorship because
it is easy to set up and maintain. In addition, as the only owner, I would have the
freedom to make my own decisions and I would not have to answer to anybody.
In addition, unlike a partnership or a corporation, you generally don't have to file
any special forms or pay any fees to start working as a sole proprietor. All you have
to do is declare your business to be a sole proprietorship when you complete the general
registration requirements that apply to all new businesses. This makes it a lot easier
to get started.
However, a sole proprietor can be held personally liable for any business-related
obligation. This means that if my business doesn't pay a supplier, defaults on a debt
or loses a lawsuit, the creditor can legally come after my house or other possessions.
By contrast, the law provides owners of corporations and limited liability companies
(LLCs) with what's called "limited personal liability" for business obligations. This
means that, unlike sole proprietors and general partners, owners of corporations and
LLCs can normally keep their house, investments and other personal property even if
their business fails.
Still, I would much rather be the only owner of my business because I don't want to
have to rely on anyone other than myself. Although there are many risks associated
with owning my own business, I would not like to share the delight of my accomplishments.
I believe that if I will be an outstanding architect, my business will be very successful
because my clients will continue coming back to me for all of their architectural
needs.
