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Starting My Own Business- Which business structure is best and why?
After having conducted your negotiation and deal with Mr. Barker, I start to recognize that this could be a lucrative business. My mom has been nagging me for months to get rid of all of the other children's meal toys that over the years I have collected. I estimate, I possibly have over $10,000 worth of toys.
For this week’s project, I will be starting my own business selling the children's meals toys. At this stage, I am the only one running the business, and I will not have any employees. If I were to structure a business based on the facts of this situation, which would I choose and why is that the best fit? Again, at this juncture, you are the only one operating the business and you will not have any employees.
Your paper should be 1-2 pages in length, double-spaced, and properly APA formatted.
Background Information on deal with Mr. Barker:
I am a business major student struggling to get by financially, but specifically, I need some extra tuition money for next quarter. Looking around my apartment, I notice that I have a set of toys that came with children's meals from a fast food establishment called Rassy's which I collected over the years. By conducting a quick Internet search, I realize that toys are worth approximately $700. I quickly put an ad in your local newspapers, as well as on a classified advertisements website in which you describe the toys as being in perfect condition, and that the buyer must buy the whole set. The value of the set was approximate $700.00, but I list the price as $750.00 in case a potential buyer wants to negotiate. It will let the buyer feel as though they received a deal.
Within a week, Robert Barker, a self-proclaimed champion collector of all children meal's toys, contacts me about buying the set. He lived out of the country during the time these toys were issued and needed many of them to complete his set.
Bob and I set up a meeting to go over the price and to give Bob a chance to examine the toy collection to make sure they are in excellent shape. On October 4th, we met at a local restaurant at which point Bob examined the toys, which were up to his standards. Bob and I could not negotiate on a price that day. On October 13th, I get a call from Bob. Apparently, he combed the entire Internet and couldn’t seem to find a set that is complete like the one I was offering. Bob offered to pay me $700.00 for the set. Just to mess with Bob a bit, I provided a price of $710.00. After hesitating for a few moments, Bob accepted.