M7 Activity 1: Sole Proprietorship: Beauty Salons Are Classified As Personal Care Services - Category 8121 Per The North

M7 Activity 1:
Sole Proprietorship
1. Sari-Sari Store
2. Local Fashion Boutique
3. Beauty Salon
Explanation:
This kind of business belongs in sole proprietorship because it has only one
owner, it is easy to form and gives you complete control of the business.
A sari-sari store is a small neighborhood retail establishment that caters to local
residents. Basic items such as canned food, instant noodles, coffee, soda, and other
items that Filipinos purchase on a regular basis are frequently available at the shop.
They also offer sweets, chips, and alcohol, but they may stock almost any item the
community need. The majority of sari-sari businesses are owned and maintained by
mothers whose primary motivation for opening one is to supplement their family's
income. The majority of sari-sari shops become a tiny family business, with additional
family members helping out.
Running a local fashion boutique on your own means you'll be able to make decisions
quickly, without having to pass them by a business partner or another manager. As a
sole proprietor, you'll answer fashion trends as rapidly as they occur and simply modify
your inventory and marketing strategy to become more profitable.
Whereas it's informed have a business mentor or adviser, as a sole owner, you're the
ultimate administrator and might give your boutique the products and personality you
select.
Beauty salons are classified as Personal Care Services – category 8121 per the North
American Industry Classification System. The classification is for businesses that
specialize in services for hair, nails, and skin. Beauty salons are for-profit organizations
that can be operated as sole proprietors, LLC/LLP, or a corporation. This includes
stand-alone salons and large franchise or chain salons with hundreds or more locations.
Beauty salons can be as small and simple as a one-person operation or as large as a
major chain of salons that are full service, offering a variety of services – all under one
roof. There are a wide variety of salons that differ in services, profitability, and legal
structure.
Partnership
1. Spotify and Uber

2. Louis Vuitton and BME
3. Red Bull and GoPro
Explanation:
This kind of business belongs in partnerships because it has 2 or more partners
carrying out the business to make a profit.
Spotify partnered with Uber because they both had the same goal of getting more
users even though they had different products. Uber riders can pick out a Spotify playlist
to choose what they'll listen to during their ride. This helps both Spotify and Uber fans
have a better experience during their ride in the car.
Louis Vuitton and BMW may seem like a strange partnership initially. However, they
have several traits in common. They both promote travel, as Louis Vuitton is known for
its elegant luggage lines. They both consider luxury to be important, and they're both
popular brands that are known for their high-quality products. BMW created a car
named the BMW i8, and Louis Vuitton created a four-piece set of bags and suitcases
that seamlessly fit into the rear parcel shelf in the BMW. This partnership showed the
shared values of technological innovation, creativity, and style.
Red Bull and GoPro. GoPro sells more than portable cameras, while Red Bull sells
more than energy drinks. They are both lifestyle brands that have similar goals. They
have the following in common: Fearless, Adventurous, Extreme, and Action-packed.
These make them the perfect fit to pair up for campaigns, particularly when it comes to
action sports. GoPro gives adventurers and athletes the tools they need to capture their
stunts, sports events, and races from the athlete's perspective. In turn, Red Bull puts on
and sponsors the events.
Corporation
1. Amazon
2. Microsoft
3. Apple
Explanation:
This kind of business belongs in a corporation because it owns by shareholders.
It has 15 or more people owning it.
Amazon was founded in 1994 and is a world leader in e-commerce. It has taken
massive business away from the brock and mortar stores by providing the facilities to
order products at home. Amazon.com provides millions of products on its website which
can be ordered by the consumers and delivered to their doorstep. The Company has
become the largest retailer and one of the favored stocks on the exchanges.
Microsoft was started by Bill Gates in 1975 and built a software Windows. The
Company went on to build Ms. Office – Ms. Word, Ms. Excel, PowerPoint, Outlook, and
much other software which are used on a day-to-day basis by professionals and almost
every Company. The Company is currently led by Satya Nadela and earned a revenue
of $ 110 billion in 2018 with revenue growth of 14.28%. The Companies founder Bill
Gates and his spouse Melinda Gates are involved in many social causes around the
world through their foundation called Bill and Melinda Gates Foundation. They work to
uplift people from poverty, hunger, health problems.
Apple was founded in April 1976 by Steve Jobs and has become a tech giant. Its
products Mac, iPhone, iPad, and other smart devices are used by millions of people so
much so that the new product launches are awaited by tech enthusiasts. In 2018, Apple
recorded the highest revenue of $ 265 billion. With a strong presence of more than 500
stores all over the world, the Company is expanding in sales and revenue year on year.

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M7 Activity 1:

1. Spotify and Uber

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