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Answer :
Final answer:
Eric and his friend should consider a General Partnership when opening their shoe store, allowing them to share responsibilities and profits. Alternatively, a Sole Proprietorship or a Franchise could be suitable depending on their preference for independence or brand support.
Explanation:
Choosing the Right Type of Business
Eric and his best friend, considering opening a shoe store, have several options regarding the type of business they can pursue. Understanding the differences between these business structures will help them make an informed decision.
Options for Business Structure
- Sole Proprietorship: This is a business owned and operated by a single individual. It's the simplest form of business organization, where Eric would have full control and retain all profits but also bear all risks.
- General Partnership: This involves two or more individuals sharing ownership. Eric and his friend would divide responsibilities and profits, making it a good option for collaboration.
- Franchise: By purchasing a franchise, they could leverage an established brand and business model. This option often comes with support from the franchisor, but requires adhering to specific operational guidelines.
- Non-Profit Organization: This type is focused on serving a social mission rather than generating profit. While this option is not prevalent for a shoe store, it exists for businesses that want to give back to the community.
Recommendation
Given that Eric plans to open a shoe store with his best friend, the best option would likely be a General Partnership (Option B). This choice allows them to share responsibilities and risks effectively while working together towards common business goals.
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