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Answer:

Some of the qualities Fin the Pin has which would lead you to believe he would be ideal for the business he is starting:

  • Passion – He is passionate about the business he plans to start, he loves making things out of wood!

  • Educational Background – He took up carpentry in high school.

  • Experience- He worked with his uncles in the construction business doing carpentry work.

  • Ambition – He taught himself what he needed to perfect his skill.

You should have some if not all of these basic qualities going into your new business venture. All these qualities will help you to stay committed and focused in the long run as you pursue your business endeavors.

Some other Entrepreneurial Skills you will need :

• Problem-solving

• Goal-oriented

• Self-confidence

• Risk-taker

• Good Decision-making skills

• Organized

• Persistent

• Communication skills

• Leadership ability

Any skills you don’t have now you can work on as you go along.

Legal Business Structures

  • Sole Proprietorship – A sole proprietor is not only one of the common forms of business but it is also one of the easiest type of businesses to form. You are not required to do any kind of special incorporation filing. A sole proprietor is someone who owns an unincorporated business by himself or herself. A business, owned by one owner, that makes no legal distinction between the individual owner and the business itself for tax purposes. The owner is fully liable for any legal actions brought against the company.

  • General Partnership – A business, owned by multiple owners, that makes no legal distinction between the individual owners and the business itself for tax purposes. Owners are fully liable for any legal actions brought against the company.

  • Limited Liability Partnership – A business, owned by general partners and limited partners, that makes no legal distinction between the General Partners and the business itself for tax purposes. General Partners are also fully liable for any legal actions brought against the company while Limited Partners have limited liability. A limited liability company (LLC) or corporation helps protect your personal assets in case a law suit is brought against your business for products sold or services rendered. But may require the help of a professional to start.

  • C-Corporation – A business, owned by owners and an unlimited number of shareholders, that is a separate legal entity from its owners and shareholders for tax purposes. Owners of a C-Corporation are taxed twice: once as owners and once as shareholders. Owners and shareholders are not legally liable for any legal actions brought against the company.

  • S-Corporation – A business, owned one owner and a limited number of shareholders, that is a separate legal entity from the owner and the shareholders. The owner of a S-Corporation only gets taxed once, must be a U.S. citizen, and is not liable for any legal actions brought against the company. Shareholders are not liable for any legal actions brought against the company.

  • Limited Liability Corporation (LLC) – A business, owned by one owner and an unlimited number of shareholders, that is a separate legal entity from the owner and the shareholders. LLCs need at least two people to be created. The owner of a LLC only gets taxed once and is not legally liable for any legal actions brought against the company. Shareholders are not liable for any legal actions brought against the company.