Type of Ownership
Calypso Cafe will be a sole proprietor ownership so that it can be content with the limited startup capital. The owner's plan for instantaneous growth of this business is to reinvest earnings. Reinvestment will be the backbone of this business after start-up. Reinvestment will also ensure a smooth transition of its incorporation in the future. In the initial stages, this business can not exist independent of its owner. However, the most important legal aspect of the sole proprietor type of ownership is its unlimited liability stature. Personal assets of the business owner can be seized to settle claims against the business. The owner in this case takes over all the operation aspects of the business and makes decisions as he pleases. The characteristics of a small business establishment make it more comfortable and compelling to organize in this manner. Josh Benson intends for the attorney of the business to act as a consultant on business decisions that are legally connected, since the attorney presumably has the expertise necessary to handle the legal records of the business.
