After working several summers for a local landscaping company, you have acquired quite a bit of experience in the field. You are seriously considering opening your own landscaping business as a sole proprietor, but are also considering bringing in a partner and forming a partnership. What should you do?
What will be an ideal response?
Answers will vary widely on this question, but should discuss some of the basic issues involved in a sole proprietorship that a partnership addresses. For instance, in a sole proprietorship the ability to raise capital is limited by the resources of the individual. Individuals often rely upon their own life savings, mortgage their property, or take out loans. Many partnerships are formed on the basis that one individual has the technical know-how to operate the business, while the partner brings other resources and abilities to the firm. These resources and abilities include: money, managerial skills, and other technical skills (i.e., accounting, taxes, etc.)
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