Wednesday, June 1, 2011
Types of Businesses in Canada
We have talked about the different forms of business ownership in Canada and discussed the industries those businesses participate in. If you could start-up your own business, what type of venture would it be; a sole proprietorship, a partnership or a corporation? Why do you prefer one type over the others? Consider our discussion of industries; what industry would your business be a part of and why?
Subscribe to:
Post Comments (Atom)
If I could open up my own business, it would be a partnership probably. I prefer this one because I would have help with me because I had more people to help me and having thousands of people helping me would be bad because I want control of my business. My company would be in the tertiary industry because I would sell burgers and food to the public.
ReplyDeleteIf i would start up a buisness i would start up a corporationbecasue the corporation buisness are already known as big buisnesses. So i would get alout of consumers.Since the corporation is a big buisness it would be a little hard to start up at first but then in the long run it will be good.
ReplyDeleteIf i could start up my own business i would have a partnership because i think it would be better to work with friends instead of having so much stress on yourself. In my opinion it would be fun to have a job with your friends/partners and you also dont make the decisions alone and you expand on ideas. My business would probably be in tertiary because we would be selling our own products to people. We also learned that most people work in the tertiary industry.
ReplyDeleteLydia
ReplyDeleteIf I could own my own business the type of venture it would be is a corperation. I prefer a corperation over the other because it is already open in other pleaces so I wouldnt have to do all the advertising from sratch I could basiccly just add on to all the adverisment that there already is. The type of industry my business would be a part of would be the teritary, this would be because then I could sell from a clothing store.. Also because I would own a store that everyone shops at so I would be making more money, plus tertiary has the most employees so I would be able to hire more people.
If I had my own business it would be parnership because I wouldnt have all the responsibility my partner would help me with the business.I have control over my own business instead of being in a corporation. My business would be part of the child care industry such as daycares because the parents that go to work need someone to watch over the children so a daycare would be a excilent choice of business.
ReplyDeleteIf I were to start up my own business, I would hopefully make it a Partnership, because that means that you have more knowledge and reasoning behind your decision making, you are not the only one who is responsible for the business, if you are in debt, you are not getting as much stuff taken away from you as you would in a Sole Proprietorship, and you still have a large amount of control over the business, unlike a Corporation.
ReplyDeleteAs for the industry part of the question, I would like to be in the medical health industry, because when I am older I have an ambition of becoming a research scientist to discover new cures for diseases, which falls under medical health. As for the type of industry, I think that would be the Secondary Industry, because I will be the one making the products that help cure diseases, OR, the Tertiary Industry, because I may also be the one that distributes or sells the products to people, in hope that the product works for them.
if i could start my own business i would start a corporation for the biggest reason "limited liablity". If i were to start a sole prop theres the chance of something happening and all my personl property like my house and car could be taken. In a corporation they can only take the amount of money you have invested into the company.
ReplyDeleteIf i stated a corporation i would push to be in the tertiary indusrty. More specificly retail sales. Most jobs in Canada are in Retail and tertiary industries and i see that as a great oppertunity to expand a business and make more money.
if i was to open my own business i would have it be a corporation in the food or technology industries cause those are two things that would be fun to run and i would enjoy doing it, i perfer a corportion oer the other two because i dont want my stuff taken from my home :) hahah
ReplyDeleteIf I could start up my own business, it would probably be a corporation for the main reason of limited liability. To me, it would not be worth it to start a business and run the risk of losing everthing I own. Also, this way, I would be able to hire people who are suitable for each job, and I wouldn't have to do jobs in areas that I am not skilled in. I also wouldn't be doing everything on my own and would have other people to rely on in the business.
ReplyDeleteI think it would be really interesting to be part of the music industry. I think it would be really cool to see and understand how everything runs and the production of all the music. I think I would like to be part of either primary or tertiary industry. I like being with people, and in the tertiary industry, there are more jobs that have to do with working with people. Although, I also love farms and I think it would be really awesome to live on a farm and get to work on it. I love the outdoors, so getting to spend much of my time outside and having a large area of land to live on, I think, would be really a cool job.
If I could start my own business, I would start a partnership. I prefer a partnership over the different types of businesses because I think I would be more successful with it. I would be excited to go to work, if I am working with my friends. Also, I would be able to share my ideas and incorporate my partner's ideas with mine, to make it better. I like working with other people, and sharing the work. My industry would be part of the food industry because I like food. I also think it would be easy to run a business in the food industry.
ReplyDeleteI would probably go for a partnership, mainly because if i screw up it wouldnt be as bad but there is a chance they can screw up. I would probably be tertiary mainly because alot of people are in that industry.
ReplyDeleteAlannah :)
ReplyDeleteIf I could start up my own business I would want to own a sole proprietorship so that i could be able to make all the executive decisions. Although, I would want to finds a way to make my business a corporation without having to sell shares so that I would have limited liability. This way I would make all the decisions and never have to worry about my private things being taken away.
The industry that I would want to work in would be the tertiary industry because in Hamilton the majority of the businesses around here are tertiary, or at least the ones that most people my age know about.
I think I would start-up a corporation because if the company goes bankrupt they cannot take any of my personal belongings they can only take the ammount of money that I invested into the company. Also because I would still have a say in my own company even if I owned like 40% of the company and the rest of the company was owned by shareholders I would still own my company and would still be able to make decisions that i think are best for the business. I think I would start up a company in the Health Care industry which is tertiary. But I would open up my own Pet rescue and adoption place. where I can take in abandoned and hurt pets nurse them back to health and then get them ready for adoption. I would enjoy working with animals because I adore animals, they are so cute and innocent. Also I would really like to help with the abused and neglected pets so they know that someone cares about them. Also I would enjoy helping animals find a good loving home, where people will feed them and play with them.
ReplyDeleteI want to run a horse rescue place for abused and abandoned horses. I would probably start up a corporation because I wouldn't want to be by myself in a sole proprietorship in case I can't make a decision or I need an opinion. I wouldn't be a partnership because there is still the unlimited reliability that could cost me my business if something goes wrong or someone gets hurt. My business would be under tertiary because I am providing a service to both the horses and the people who want to adopt the horses. I would catoragize this in the farming industry because a horse is a farm animal and horses can be used to help with farming.
ReplyDeleteIf I were to start my own business, I would choose a franchisee corporation because there's limited liability and large amounts of capital. The industry I would choose to own a business in would be the fast food industry because people are always hungry and looking for quick ways to get food. Sole props and partnerships have unlimited liablilty which is a risk i don't want to take.
ReplyDeleteIf i were to start my own business I would choose to be a corporation because then your only responsible for the money you put in,instead of having unlimited liability,and people taking your house and car if you owe money. Also corporations get a larger amount of capital by selling shares on the stock market. Also corporations seem to be more successful than sole proprietorships and partnerships probably because fo the amount of capital they can get. Also i would want to be in the tertiary industry because thats where the most money is, and it's also the cheapest one of the industries to get into and probably the easiest industry to get into, so that would be my prefered industry and there is also a lot more customers and consumers in the tertiary industry.
ReplyDeleteIf i could start-up my own business I would want it to be a corporation because i would have limited liability. This means if something were to happen to my business i wouldn't lose anything that belonged to me, i would just lose the original money that i put into the business. The positives of a corporations would be that I would bring in alot of money, there would be more than one open store, and i could sell shareholders to make more money. However the disadvantages would be that i may not be in contact with all of my employees. In my opinion there is much more postives than negatives to owning a corporation.
ReplyDeleteI would chose the Tertiary industry because it is the level in industry that sells the products that are made in secondary industries. Tertiary is very profit making and it is the largest emloyer of the 3 industries. It would be easy to find employees and i would probably make alot of money.
If i were to open up a business, i would start a Hair Salon. I would start it with my friend or two and it would be a partnership, in the tirtiary industry. It is a part of the tirtiary industry because we would be doing service to people by cutting/ designing their hair and selling hair products to our customers. I would do it in a partnership becaue you need more then one person to run a hair salon. So, it would be easier and cheaper if we went into the business together rather then me highering people to do the work required. It would also be easier because we'd have more capital to buy area and hair equipment/ products.
ReplyDeleteIf I were to start up my own business,it would be a coporation. The type of corporation I would have would be a private corporation. I prefer private corporation because I would have a small business corporation, low amount of employees, and I would like to buy back the shares that I made public for my corporation. My business would be part of the tertiary industry because I want to provide health services to the public. The business I would like to open is a chain of clinics all over the province. This type of business would be considered to be part of the tertiary industries b/c teritiary industries provide finished good or services for consumers and the type of services my business would provide is health services.
ReplyDeleteIf I had to start up a business on my own, I would start up a corporation type business because it would be a business that would already be well advertised and everyone would know about that business. It would be very difficult to start up finacially, but it would be well worth it in the long run.
ReplyDeleteI prefer the corporation because it is a business that is well advertised, people know about it, there would be a large amount of capital, and there would also be a large and diverse worforce with a wide variety of skills.
The type of industry my business would be in would be a tertiary industry becuase it's more selling a product and using the product.
I would want to be part of a corporation because you are able to be part of a larger company with many owners. Also, corporations have limited liabilty, therefore creditors cannot take your personal items when the company goes into debt, unlike sole proprietorship or a partnership. This is a feeling of security which I believe is vital to have. Also, with corporations, there is less of a risk in having your company go out of business, because the company is well-known. In a sole proprietorship or partnership, it is a lot of work to start up your business and much more difficult because there is not as much seed money than if you were part of a corporation since there are a number of people who buy shares for that compnay.
ReplyDeleteI would want to be part of the tertiary industry because there a lot more job opportunities in this industry. Since technology is taking over most of the human tasks in the primary and secondary industry, the number of jobs is limited. There will always be an abundant amount of jobs in the tertiary industry because there will always be a consymers demand.
If i owned my own business i would want a corporation because i would have unlimited liability so i my belongings would be safe. I would like to be in the primary industry because most of the workforce is in the primary industry.
ReplyDeleteIf I were to start-up my own business I would run a sole proprietorship because I would want to have the freedom to make my own decisions and to keep all of the profit. I would want my business to be a part of the tertiary industry because I could build and design my own store, interact with my customers, and decide on my own what products/services I sell.
ReplyDeleteIt would be a partnership, becasue im a strong believer in two head being better than one. sole proprietor seems to be alot of ownership and responsibility on ALL aspects needed to run a business. my business would be apart of the teriary industries seeing as it would be a retail stor for skate ware (decks,trucks,bearrings,shoes,clothes)
ReplyDeleteIf I were to start my own business I think I would run a sole proprietorship because I'm so used to it, both my parents own their own businesses and I've learned from them. My mom and dad both started out working for people and they got tired of it and wanted to run things their own way. I think I would feel the same way on having my own rules.
ReplyDeleteMy business would be part of the tertiary industry because I would probably sell things.
If I were to start-up my own business I think that I would have a partnership. The reason for this is because there are two or more people that owners so we can put more money into the store(more capital). I am not have to hire extra people because when you haver more people then you can use their strengths, to help the business. If you are a sole proprietorship and there is a problem or you are getting sued, you have to deal with it all by your self. I do not like corporations because they are to big to deal with, and they must have a charter, etc. The industry that I would like would be something with little children, like a children store, or a medical clinic, because I like to help people.
ReplyDeleteIf I were to start-up a business, I would chose a partnership. I would prefer this type of business because, like discussed in class, starting up a business with a partner would make some issues that might occure much easier rather than being a sole propietorship. Starting a business with a partner would also be easier on money, when taking out a loan on a business you and your partner would be able to split the money 50/50. Also, some parts of work you and your partner will obviously have different strengths and weaknesses therefore you could put that to use. Whatever you are good at, you take charge with doing that section, and whatever the other task may be that you are not good at, but your partner is, he/she would be able to do that.
ReplyDeleteMy industry would probably be a sportings store with new and used items. I would chose to do this because people that are looking for hockey gear, or baseball gear etc, are looking for new items but also used ones. I can think back to a new/used sportings store called "Larry's Sports." That store was barley known, (ex. it was not talked about on a daily bases & advertised emensley) but the store still got very good business and kept it going for quite sometime.
If i had to start up my own business, i would have a partnership with a family member or friend because we would have a higher starting captial. I would have a small business because I like the idea of knowing all my employees and developing relationships with the costomers. My bussiness would be in the teriary industry because it employs the largest percentage of jobs. Also, this type of industry is the most intriguing and interests me because I enjoy working with people and helping costomers.
ReplyDeleteif i start up my own business i would want to start a sole proprietorship business because i like making my own rules and making all the money.
ReplyDeletethe industrie i would want to be in is the food industrie beacuse people will always have to eat.
If I were to start-up my own business it would be a partnership, and would be in the automotive industry.
ReplyDeleteI would prefer a partnership because everything is agreed on and even. Also money pooling would be a factor to help expand the business. I would prefer the automotive industry because vehicles are always becoming more advanced, and there is an infant ammount of profit to be made.
If i could start-up my own business, i would choose to be a corporation, because that way people can buy shares to help give your company money, and also because there is limited liability, so if someone were to sue you, they would only be able to take wat you put into the company. I prefer this type of business because it seems easiest, and there is limited liablity. My business would be a part of the tertiary industry because it accounts for most of Canada's workforce, and also because i prefer worknig with people, but if i were to be in the other industries i would have to work with machines, etc.
ReplyDeleteIf I were to start-up my own business I think it would be a partnership, it would be part of the food industry.
ReplyDeleteI would choose a partnership because I don't think I am qualified to run a business by myself. I would like to have other to fall back on if something goes wrong.
My business would be in the food industry because the food industry is in the tertiary industry, and the tertiary industry makes the most money, and is the most popular.
if i were to start my own business i would want to work in a partnership. i would prefer to work in a partnership because we would bring more money to the table, make decisions together.my partner could be good at something i am not so they could handle that part and i would work on the part i am good at.
ReplyDeletemy business would be part of the tertiary business. i wouldn't want to be in the primary business because thats to much work same has the secondary, in the tertiary industry everythign would be done for me. All i would have to do is sale the product.
If I were to start a business I would start a partnership because I would like someone to help with a business and someone to turn to for advice. I would prefer it over other forms of businesses because in a sole proprietorship, I will end up making all my decisions and in a corporation I would'nt make enough decisions.
ReplyDeleteI wwould have my business in the tertiary industry since its the larger of the three industries and it would be the easiest and most profitable of the three.
The business that I start of is McDonalds' burgers. The head office able to advertise my new company. I'll follow all the rules and pay them a fee for a franchisee. People already know the McDonalds' sign which easier than Griffin's burgers. Going to the bank give me money a loan. It's expensive to own a franchisee. The franchisee owners. Help running a business. I like this resturant because they sell small burgers.
ReplyDeleteif i opened up my own business i think it would be a corporation because even though i well have to spend alot of money, i make a lot of money. also it would be a world wide company that alot of people would come and buy stuff for. most likely the business will be un the food company. i say the food industrie because humans have to eat and they will eat watevers good to them and food is great!!!!!!!!!!!!!
ReplyDeleteIf I could start up a business it would most likely be a corporation because I don’t really like taking risks and I also have a hard time making decisions. I also don’t mind following rules,since I’ve been doing that since I was born.. This business guarantees money and everything is basically done for, such as the advertisements. If I were to start up my own business, like Avi’s Pizza, I would have to make flyers and business cards, which is the biggest part to the business no matter how good you may be you need to let people know you’re out there. This business would be part of the tertiary industry because it would only involve selling products,
ReplyDeleteI think i would pick a corporation because i would like to start up with a family because then i could have a start up on my business to run and to learn new skill as i get older.
ReplyDeleteI Pick it over the others because i just perfer it because i think it would be the easiest for me and for everyone else.
I would be in the territery industry because i find working in a franchise would be easy then secondary and primary because you dont have to look after as much in the territery industry then you do in the secondary and primary industry.
I would like to have a sole proprietorship business because I like to make my own decisions and I think I can do it better be adding my own ideas into my business. Also, owning a corporation involves a lot of rules and sometimes it gets harder to follow all the rules. I would like my business to be in tertiary industry because there is always a lot of demand in the tertiary industry. Other than this, as tertiary industry basically involves a lot of service, and it is the largest industry of all the three industries, we can make a lot money by providing services.
ReplyDeleteIf I were to start-up my own business, the type of venture I'd choose would be a partnership. I would choose a partnership venture because, I would have two or more partners in the business with me that can help, even though problems can arise between me and my business partners, I definitley think that sometimes another opinion in a decision is just what a business needs. I would not choose sole proprietorship because although it is the easiest business to operate, it can be the least successful and I can lose a lot of money.
ReplyDeleteI also wouldn't chose a coporation because it is the biggest risk of them all being such a big business that can be very hard to keep. If I were a corporation there would be many shareholders and therefore more people that have a say in the business which can definitely cause more havic.
Therfore, I would choose a Partnership venture because it is in between the three and the money gets split with the partners, I have partners that can help me make life changing decisions, and if we work good together, the business can be a huge hit. The only thing I would have to make sure to do is find a good reliable partner that I know will be in the long run with me.
My business would definitely be in the tertiary industry because more people know of this industry. The consumers for primary and secondary industries are usually people who buy products for their business, not everyday people who buy into advertisements. The main reason I would choose to be in a tertiary industry is because it has the most consumer awareness and availability. With a high demand for new products 24/7, most products that are placed in the tertiary industry sell quickly and do well to everyday buyers.
I would start up a Corporation, because there will be many owners/shareholders who could help me with running the coporation, so i will not have to make all the decisions and thinking by myself. Also, there will be large amounts of capital, so i will not have to worry about coming up with all the money by myself. Also, there are more people working on one corporation, which will mean that it will be less likely to become bankrupt, and there is limited liability, meaning that ill only lose what I invested and not all of my belongings. I would like to make my business apart of the tertiary industry, because it provides 74% of the workforce, meaning that many people are trained for service labour so i will not have trouble finding my employees. Also, you do not have to extract or manufacture.
ReplyDeleteI would start up a corporation because they have the most money in them and they are easiest to run. I also like having the limited liability so I can not get my stuff taking away. My business would be in the sports industry because it is a common interest and the industry is east to be in if you know basic knowledge.
ReplyDeleteif i started my own business, it would be a corporation because i could have shareholders commit to the company, and i could use their money to benifit my company. my business would be part of the tertiary industry because i want to be part of the service industry, and sell things im interested in.
ReplyDeleteIf i could start up my own business I would choose a partnership. I prefer a partnership because you are able to split the work, so you can work to peoples advantages and what their strengths are. Also you would be able to split the costs and have an equal amount put in between how ever many people are in the partnership. My business would be a part of the tertiary industry because it employs the largest amount of people. I think servicing and selling of products would be a lot easier than getting products and manufacturing them.
ReplyDeletei would have a corporation businsess as long as i have the most say and all big decision are run passed me. The jobs would be seporated among many people in the corporation. The corporation would revolve around gaming. so it would be involed in tertiary and secondary industries. tertiary because we would be selling and secondary for game that we design and other products and services related.
ReplyDeleteIf I were to have my own business I think it would be a partnership. With a good partner that I trust I wouldn’t need to do all the work as well as I would have someone to share unlimited liability with if something goes wrong. Another good thing about having partners that with more people the more seed money we would start off with. I wouldn’t want to have a corporation because then there would be too many people saying what we should do with the business. If there are too many people then we would lose control of the business because everyone wants things done their way. The industry that our business would be is tertiary. That is because most people in the work force work a tertiary job. There is a wider verity of jobs available in the tertiary industry. My company could fix things, sell things, or assist people when they have a problem with something.
ReplyDelete