Business Ownership – Advantages and Disadvantages in terms of profitability

I completed a business simulation as the owner of a record store. The store was 2800 sq ft and sold multiple genres of music. I had over 10 employees, multiple wholesale buyers to purchase from and set up my deliveries to be at 1 day, 7,14 and 30 day intervals. I invested in employee training and provided raises as it simulates not only customer satisfaction but also employee satisfaction. This business was a sole proprietorship, owned only by me. In discussing profitability we are looking at stand alone music stores in comparison to competing with streaming and digital downloads. The program that was used was GoVenture Small Business if you need a reference to the simulation. The below questions need to be answered in thought-out, coherent paragraphs and use complete sentences.

a. What type of business ownership (legal structure) did you choose for your business? Explain why. What are the advantages and disadvantages of this in terms of profitability?

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b. If you could choose to be a franchise of another company, how would this impact your business? What would the franchisor provide for you? What decisions would you still need to make as the franchisee? Would your company be better off as a franchise? Why or why not?

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