In: Economics
a. Sole proprietorship. A sole proprietorship, also known as the sole trader, individual entrepreneurship or proprietorship, is a type of enterprise that is owned and run by one person and in which there is no legal distinction between the owner and the business entity. I will recommend this to her because as she will be the sole owner with a very few working staff this will be best suited to her catering services.
b.
Become a business. To be a sole proprietorship, you do
not have to take any formal or legal steps at the federal,
state, or local level, Weltman says. "As long as you are the only
owner, you automatically become a sole proprietorship by conducting
business," she adds.
Depending upon the city or municipality where you set up shop, you
may need to register your business or obtain business and/or
occupancy licenses. Osteryoung suggests contacting the nearest
government-sponsored Small Business Development Center (SBDC). The
Small Business Administration maintains an SBDC locator. They can
usually provide you with step-by-step instructions on how to set up
a sole proprietorship in compliance with all local laws and
regulations.
One key component to starting a business is writing a business
plan. The plan serves as a roadmap so you know the order in which
to implement actions necessary to start and grow the business,
Weltman says. It's also useful in making you focus on various
aspects of the business, such as obtaining start-up capital and
deciding whether or not you will be selling through the Web.
Choose a name. A name can describe in one or a few words what the
business is all about. Think carefully in choosing a name when you
start up a sole proprietorship and then protect it.
"You have to make sure the name isn't being used by anyone else,"
Osteryoung says.
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