Business organization

Anonymous

Question 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

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.

Tutor Answer

Jos-A+
School: University of Maryland

Attached.

Running Head: BUSINESS ORGANIZATION
1

Business Organization
Student’s Name:
Instructor’s Name:
Course:
Date:

BUSINESS ORGANIZATION

2

If I were to start a business, I would start a Sole proprietorship business structure. This is because
this type of structure is easy to form and it requires a little amount of capital as compared to
other forms of business structures. Sole proprietorship also requires minimal requirement to start
up and is a good structure to try out various business idea first before venturing and investing
heavily into it.
Sole Proprietorship
This type of business requires only the individual who wishes to start the business. The
formation steps include having a social security number and taking the necessary business
permits and the required licenses (Noe, R. A., Hollenbeck, J. R., Gerhart, B., & Wright, P. M.
2006). The business assets and the liabilities of Sole proprietorship are not separate from the
personal assets and liabilities. This means that the owner of the business is held liable debts of
the business. The taxation aspect of Sole proprietorship is friendly because the expense and the
income generated from the business are included in the individual’s income tax return. This is
because the law has no distinction between the owner of the business and the business itself
(Klein, W. A., Coffee, J. C., & Partnoy, F. 2007).
Advantages


It requires little requirements and formalities to start up.



The owner has full control of the business and has the power to make decisions for the
business.



It has minimal legal cost in the ...

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Anonymous
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