Reference no: EM132995626
Lily and Tim are considering starting a business together. Lily is a recent college graduate from a business program in which she majored in marketing. Through her co-op work experience as a marketing assistant for Swiss Chalet and through part-time and summer jobs as a waitress she has gained valuable experience in many aspects of the restaurant business. Tim, also a college graduate with a diploma in finance, has worked full time for five years as the assistant manager of a large successful restaurant. Lily's grandparents recently died and left her an inheritance of approximately $200,000.
Lily and Tim have always wanted to own their own business and would like to use the money for that purpose. Lily and Tom are aware that a new plaza is opening near them and there is commercial space available in the food court. Lily and Tom are thinking of starting their own café style operation that would sell sandwiches, salads, muffins and other desserts as well as a variety of coffees and teas. There are many other types of food stalls selling similar items. They have also noticed advertisements in the local newspaper for franchise opportunities with an expanding chain called Yummy Lunches. Yummy's is a well-known chain that does very well across the country. The franchise fee is $50,000. This franchise offers a menu similar to what Lily and Tim are considering.
Source: Seneca College
What are three ways you can become a small business owner?
Since Lily has $200,000 shoe doesn't need Tim as a partner. What would be the benefit to setting up as a partnership versus a sole proprietorship?
In your opinion, should Lily and Tim buy a Yummy franchise, be a partnership, or become a corporation? Why did you choose this option?
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