Identify an up and coming or a new business, identify the strengths Research Paper

Identify an up and coming or a new business, identify the strengths and weaknesses or challenges, and your forecast of the company's success - Research Paper Example The business will gain from a corporation since all profits, losses and taxes are presented to the federal administration, and all the personnel as well as the owners file their individual income duties. The corporation can attract more financiers to the enterprise for development, and therefore, all losses, liabilities, and profits can be shared. Furthermore, lenders and vendors will award more prospects to a corporation. One of the limitations of the company is the double taxation since the owner has to pay taxes for the company as a distinct entity and the stockholders must file for the taxes too. This may prove tasking since the company has just been established and it is still trying to find its ground (Internal Revenue Services, par 3). Another challenge facing the company is keeping up with the marketplace since business settings change continually. The company must keep up with the market to meet its customers’ needs. The company can obtain information sources that afford insights on market trends and conditions (Internal Revenue Services, par 8). The other challenge is that the company does not have the right systems to delegate tasks and responsibilities. Financing the right systems such as quality control can improve the company’s productivity and convince clients that the firm can be trusted (Bizoffice par 2). Another challenge is welcoming change. Change can be overwhelming for a new company since change demands adequate resources and time, which the company may not have, and the company might not have the capacity to incorporate change (Internal Revenue Services, par 7). A change like personnel dismissal or changing suppliers can be dangerous for the business. Change demands coaching and developing personnel and being updated about the new technologies, which can be costly for a new company (Bizoffice par 3). The other challenge facing the company is the challenge of