Wednesday, September 28, 2011
In class, on April 26th, we discussed different ways we could register a company, as a soul proprietorship, partnership, or corporation. Originally we were planning on being a partnership for its simplicity making us all equal partners outlining our duties and consequences for defaulting on the duties, but we don't want to involve our personal assets and we will most likely be selling all over north america so we decided to incorporate. By incorporating we avoid involving personal assets in company disputes, while allowing us to sell in both Canada and the states, this also allows us to register patents under the company name in place of one of the partners. We don't believe that we will require outside funds to start the company, but for future projects it would be nice having the ability to do so if we needed to.
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