What is Business Law 1?

User Generated

Ohetref

Business Finance

ashford university

Description

Multimedia activity: Business Organization

Visit the Choose Your Business Structure (Links to an external site.)Links to an external site. section of the U.S. Small Business Administration’s website.

If you were to start your own business, which business entity structure would you choose? Justify why your chosen structure is the best organizational form.

Explain the following business structures: sole proprietorship, partnership, LLC, and a corporation. In your analysis address the following for each business structure:

  • Steps to form
  • Personal liability for owners
  • Taxation
  • Advantages and disadvantages

Your paper must be three to five pages (excluding title and reference pages), and it must be formatted according to APA style as outlined in the Ashford Writing Center. You must cite at least two scholarly sources in addition to the course textbook. Cite your sources in-text and on the reference page. For information regarding APA samples and tutorials, visit the Ashford Writing Center (Links to an external site.)Links to an external site..

User generated content is uploaded by users for the purposes of learning and should be used following Studypool's honor code & terms of service.

Explanation & Answer

Attached.

Running head: BUSINESS ORGANIZATION

Business Organization
Institutional Affiliation
Date

1

BUSINESS ORGANIZATION

2

Choosing a Business Entity Structure
When starting my own business, I would choose the sole proprietorship business
structure. This is the best organizational form because of many reasons. First, the amount of
capital required to start this business is small compared to other forms of business hence
convenient to me. A sole proprietorship is not that complex as it would need few legal
formalities in setting it up. Even though I will be personally liable for everything the business
does, it would be okay with me because I will be accountable to my self and decision making
will be fast as I will not have to consult anyone in matters relating to the business. This form of
business also has tax benefits, and it will enable me to be more flexible as I choose when to open
and when to close. It is flexible to change the product dealt with if the need be. Therefore, a sole
proprietorship form of business will be the ideal one to me when starting a business.
Sole Proprietorship
This refers to a business organization that is owned and run by one person. However, the
sole proprietor may get assistance from the family members. Forming this kind of business is
very simple. Few legal formalities are required. After the business name is chosen, the sole
proprietor may need to register it with the secretary of states, and once there is a license issued,
the business continues its operation. The business owner is liable for everything that takes place
in the business. This means, if the owner is not able to pay the debts ...


Anonymous
Awesome! Perfect study aid.

Studypool
4.7
Trustpilot
4.5
Sitejabber
4.4

Similar Content

Related Tags