Business Entities

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Question Description

Please respond to the following:

  • Watch the short video on basic corporate structure and business entities. The video helps explain some of the legal nuances of a corporation and compares the corporation to other types of business entities discussed in the text.
    • Understanding Corporate Structure (1:07) (Video Link Below)
    • Exploring business entity types | Small business | lynda.com (10:10) (Video Link Below)

Understanding Corporate Structure (1:07)

https://www.investopedia.com/video/play/corporate-...

Exploring business entity types | Small business | lynda.com (10:10)


Question:

  • A friend has asked you to help her decide how to protect her soon-to-be-opened bakery from liability, while still maintaining a business structure that fits her needs. Compare and contrast two (2) different possible business entities that would be suitable for her and explain why. Be sure to support your response with legal reasoning.

Tutor Answer

TutorHN
School: UT Austin

Attached.

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Best Business Entity
I would advise my friend to venture into a sole proprietorship or a limited liability partnership.
The reasons for me choosing a sole proprietorship is the fact that is the easiest form of business to
undertake as a single owner. The type of business entity is also cheap since it will only require him
to raise some average amount of money to start up the business compared to the limited liability
partnership. In a sole proprietorship, he will be confident of the decisions that he will undertake
for him to run the business. Will only need to make own choices which will not require him to get
references from other members in...

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