Business Owner Scenario
John experienced great success with his first food truck, Tasty Taco Treats. The menu features extraordinary tacos, not the ground beef ones you are so familiar with. The business has won many awards for their delicious, unique menu items. John began this business operating as a sole proprietorship.
John's good friend, Luis, is a talented chef who is very interested in helping John expand. Working closely together, they have created a larger menu. The opening of the first brick and mortar location is in the works.
Anna, who has helped John run the food truck, is planning the design of the food service space and will be running the customer service part of the restaurant.
He is considering restructuring the form of business ownership and has come to you for some advice.
Use the numbers for each element to organize your initial post.
Instructions:
Explain ownership options available to John. What are the key advantages and disadvantages of each?
Given what you know about John's plans, which form of ownership would you suggest for his business? Why?
The failure rate for small businesses is quite high. What advice will you offer to help John succeed? to help him avoid failure?