Types of Businesses and Method of Payments
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You and a friend decide to open a small business, with a storefront and Internet site. Which form of business would choose to operate - partnership or corporation and what advantages are there for your choice? You must decide what method of payment you are willing to accept for your products and services. Discuss what methods of payment you are willing to accept. The benefits and risks associated with method. Are you willing to accept the same payment methods at the storefront and on the websites? If they differ, explain why. Cite references.
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Solution Summary
Based on the scenario, this solution discusses different forms of business to choose to operate e.g. partnership or corporation, and the advantages of this choice. It examines other aspects of business, such as the method of payment you are willing to accept for your products and services. It also discusses the methods of payment, the benefits and risks associated with each method, and if the same payment methods will be accepted both at the storefront and on the websites, or if they differ, why. References are provided.
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