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Running Head; Business Structures
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Business Structures
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Business Structures
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Business Structures
Starting a business is considered is a relatively challenging yet rewarding process. The
ultimate success of a business majorly depends on the business decisions and choices made at the
initial stages of setting it up. Business structure is one of the most important factors of business
success. This is because it is the structure of the business that determines the nature of
operations, the capacity to raise money to run the business, personal liabilities, tax requirements,
regulatory frameworks as well as the form of paperwork to be filed when starting up. Selecting
the appropriate business organization requires a careful balancing of competing alternatives. This
paper compares the fundamental requirements of starting a sole proprietorship, partnership,
corporation, and a Limited Liability Company (LLC).
A sole proprietorship is described as the simplest business organization, where only one
person owns, controls and runs the entire company. The main advantages of a sole proprietorship
are that it is very simple to start as there are minimum expenses and formalities required to set up
(Rogers, 2012). The main requirement to start the business is the prospective owner and the
business idea. The owner may also mix the personal and business assets freely if need be.
However, the owner of the business faces unlimite...
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