Well folks, this is officially the last chapter summary for the Business Of Design. This final chapter describes to us all about Freelancing and how owning your own business can be tedious, costly,and how hard it is to develop and maintain your own business. In the first section, the book tells us all about the structure and how important it is to seek professional advice on every business venture you make (even with the business legalities), and how crucial it is to incorporate. In the next section, sole proprietorship, it gives us the perfect explanation of what it means to gain sole proprietorship in your business and how it is so simple to set up, no partners to deal with, no shareholder meetings, and no double taxation. But there are also downsides to this as well, such as no legal protection, cannot issue stock , and you also have limited tax loopholes as well :(. In the next section partnerships, it describes to us how it is the most logical choice if you ever so choose to do your own business and how partnerships are not taken lightly (and they shouldn’t). This section also describes to us about the three different partnerships that a company can have (general partnership,limited partnership,and limited liability partnership.). In the inc. section of the chapter, it tells us about how corporations are the most common in not only the design business, but also in the vast majority of all businesses and how complicated it is to run a corporation, and by the way, you will pay for double taxation if you choose this path. And keep track of your business expenses!. Also if any professional gives you advice, TAKE IT and use it, especially in those cases where the clients are not so nice, you see what i am saying? and if you want to go into your own business, your best way to success and business prosperity is to brush up on your accounting and legal skills as well, do your homework and be smart! As far as insurance is concerned in a business, get it! the book states that it is important to have this, especially the health insurance! I also found that the business model section perfectly explained the differences between traditional/specialty, multidisciplinary, virtual, and cooperative. In conclusion, having your own firm takes a lot of planning, work,money, and effort.
In conclusion to the entire business of design book, I found all of the chapters and everything in this book to be very informative and extremely helpful In my future graphic design career. I am excited and look forward to the upcoming month, learning all about the world of multimedia design, sharpening my skills, and my wedding as well. I want to thank all of my classmates and Mr.Downs for welcoming to this program with open arms and for all the help you have given me so far I greatly appreciate it, I look forward to being in class with all of you for the next 13 months. Best and blessings!:)
1. Name all 4 types of business models.
2. Why is being a sole proprietor the simplest form of a business formation?