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Homework answers / question archive / Select a business with which you are familiar or find a business by conducting an Internet search

Select a business with which you are familiar or find a business by conducting an Internet search

Business

Select a business with which you are familiar or find a business by conducting an Internet search.

The business I have chosen for my discussion is freight transportation. I have worked in the trucking industry for the past 13 years. It is a very competitive industry, and from personal experience, there is not much room for error. This industry provides truck drivers with the opportunity to work as company drivers, lease owner-operators, and independent contractors. I have experienced all three forms of employment. 

As a company driver, I received different benefits such as health, retirement, paid vacation, sick leave, stock buy-in just to mention a few. However, being a company driver had its disadvantages. For starters, wages were not the greatest, driving routes were assigned by the company, loads could not be refused, and considering the job is regulated by the federal government, company policies and federal regulations did not allow much room for error. 

As a leased owner-operator, I had the opportunity to experience opening my first business. The company required me to open a limited liability company (LLC). During that time, I was unfamiliar with the advantages and disadvantages of owning an LLC, and my critical thinking skills were not up to the challenge. I operated this business for 3 years and decided to try a different approach. I decided to become an independent contractor and opened my own business as a sole proprietor.

As a sole proprietor, I was able to operate my business with much more flexibility. This experience taught me valuable lessons. I operated as an independent contractor for 6 years. The advantage that I enjoyed the most about this type of structure was the freedom to make decisions. I was able to manage the business the way I saw fit. It provided me with the opportunity to familiarize myself with several aspects of the business such as 1) Accounting, 2) Operation, 3) Contract Negotiations, 4) Human Resources, and 5) Marketing. I was aware of the disadvantages of being a sole proprietor. As mentioned in our textbook being a sole proprietor is a risk in terms of liability (Lee, n.d.). Over the years I acquired valuable assets, after careful consideration I decided to take a different approach, and I dissolved the business. It was in my best interest to protect those assets from any liability.

Do you agree or disagree with the discussion?

 

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Answer:

I agree with the discussion. Freight shipping involves the transportation of items, cargo and goods by air, sea, or land. This discussion consists of the transportation of products on land via trucks. Over the road, freight shipping examples include intermodal, less than truckloads, e.g., parcel carriers and truckload.  This discussion converses truckload as freight shipping over the road. As far as I'm concerned, this discussion is accurate and is grounded on research and knowledge. I think the writer has excellent experience with truckload businesses. In my opinion, the business argument presented is sufficient to help any person understand what freight shipping entails. 

This type of business is beneficial to the economy since it is a "top carriers," ensures the safety of items being transported, faster enough allowing good to arrive on time, and freight services providers operate with high-quality contract carriers. Qualified contract carriers help businesses find competitive freight rates and quotes without necessarily going for deep research. Companies may lack sufficient time for research. Freight shipping services provide on-time freight services, especially when firms are time-sensitive. Such businesses have choices to make when selecting the method that best suits their set time frame (Robinson, 2021.). This discussion has identified examples, provided list of advantages and disadvantages of discussed business, and has provided examples. This is an Ideal Discussion.

Step-by-step explanation

This post has qualified to be a source of information and provide ground for further research about Freight transportation. The Identified business structure is well analyzed in that it is easy to follow and understand. Provided list of the advantages and disadvantages of that designation for the business gives more information regarding the business idea. one feels encourage to try the business idea. The experience the author has concerning truck transportation is enough for them the business. I do not believe that the sole proprietor decided to dissolve the business bearing in mind how the business was running. The owner gained many assets over the years. Sole proprietorship provided more flexibility and eased the process of decision-making. The factors could have limited the chances of dissolving a business for fear of liabilities. However, changing the Limited Liability Company's business idea, LLC, to sole proprietorship, was an excellent idea. It is advisable to run a business with structure you are familiar with and have experience with.

References

As per the Post Above (the Discussion)

Lee, K. (n.d.) Business law (2nd ed.). [Interactive textbook]. MyEducator.

Robinson, C., 2021. What is Freight Shipping? | Freightquote. [online] Freightquote.com. Available at: <https://www.freightquote.com/define/what-is-freight-shipping/

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