Shamrock Convenient Store on Lake Wee Assignment

Shamrock Convenient Store on Lake Wee - Assignment Example The existing business already has a good number of customers and the presence on site alone has an impact to the business. Having to deal with customer orders, provide more services through the bait, and tackle shop would simplify the shopping experience and increase the margin of operation of the business through which the development is easier. Buying the existing business also cuts on competition leaving monopoly to advantage the business owners (Lussier & Corman, 2014). Buying the existing business also saves the buyers time and resources that would be channeled into the starting up of a new business. The stress of finding suppliers and ensuring that all goods are supplied on time and meet the standards are all responsibilities that the buyer saves on once they buy the already existing business. The fact that the convenience store already exists saves the buyer the costs and challenges of getting the business approved by the state environmental agency. For such a business operating it as a sole proprietor would provide better advantage compared to the other forms of business ownership but the limitation of the capital required to run this business makes it close to impossible to run it that way. Due to this, the ownership of the business will run as a limited partnership with two partners that will contribute $125000 and $75000 each. The sharing of profits will rely on the proportions of capital contribution as stated above and the liability shared that each partner owns also spreads as per their capital contribution (Schneeman, 2007). As the general partner, one carries most of the responsibilities and risk of the business. They also perform roles in the business directly reaching to an employment level where they serve as employees to the business. Based on the nature of the agreement that the partners draw, the working arrangement would attract a salary to the partner sacrificing time to work while the investing partner only deals