Talent is Not Enough - CH7

In Chapter 7 of Talent Is Not Enough, the legal aspects of starting your own design firm are the main focus. There are many things that a designer can get held up on while starting their own firm starting with the type of business that they want to set up. This can vary depending on the size and complexity of your business. You could start out as a sole proprietor which means that you are the single employee of your own business. this generally requires little effort and money to get set up. The next option is a general partnership. In a partnership the business is made up of two or more people that hold the business as co-owners. This generally does not require much formal paperwork or effort in order to be obtained. Next, designers could acquire a limited partnership. This is when the day to day operations are made separate from the legal and investing aspects of the company. This limits the control of the management on their part. The chapter then begins to move into the direction of the different types of corporations. Corporations are defined as being a separated from the legal and founding employers of the corporation. The two types of corporations are type "C" and "S". These two are generally harder to set up than a partnership or sole proprietor. The final business model is an LLC or limited liability corporation. This type of business model is very common because it is generally very easy to set up and also offers a wide range of benefits such as liability from business debts and smaller taxation.