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Personal Narrative: The Daily LLC

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In 2012, I awaken with a business idea that I was sure would be the next best concept, the next Starbucks for college students across the country. My dream was built around cereal, this pastime concept that every kid and adult grew up enjoying. Until this day, I love waking up to a bowl of cereal rather cold or hot. My beliefs are with the amount of work and lack of time many of use have today to actually enjoy a full course breakfast. The creation of The Daily LLC would be a success by giving us all time back in our daily lives, while enjoying such pastime while also completing our work, studies, and relaxing in a nice settled environment. Please allow me to take you on a tour of my dreams.
First I had to decide what business entity would be best for my business? My initial thought was to create a sole proprietorship. However, based on some initial research, I realize immediately that this type of business will take a team to be successful. In addition, I was not interested in my business being taxed as personal income, and I was not interested in assuming all liabilities if I were to be sued. The next thought, was to create a partnership with someone who would have the same interest in the business that I have. This individual would assist in investing, deciding which location would be best for our business, and also to bring additional skillsets to the business. Again, the only down fall for this type of business entity would that I would be personally liable for any decision my business partner makes, and that my personal assets would be at risk. After reviewing these two business entities and …show more content…

• Personal Liability: With this sort of business entity, I would be protected from personal liability for business decision or actions of the

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