Description
Purpose of Assignment
The purpose of this assignment is to help students gain a better understanding of the importance of the appropriate legal business categories and financial statements as a key management tool for making decisions.
Assignment Steps
Develop a 1,050-word evaluation describing business structure and financial statements, including the following:
- Identify and describe the legal categories of a business organization contrasting tax-related advantages and disadvantages.
- Next, using your entrepreneur skills, consider starting your own business. What business structure would you choose and why?
- Discuss financial statements for the chosen business structure, then explain with specific examples from the University Library, how these would help you make decisions about your business.
Cite a minimum of two peer-reviewed references.
Format your paper consistent with APA guidelines.
Click the Assignment Files tab to submit your assignmen
Unformatted Attachment Preview
Purchase answer to see full attachment
Explanation & Answer
Attached.
Running head: BUSINESS STRUCUTURE AND FINANCIAL STATEMENTS
Business Structure and Financial Statements
Name
Instructor’s Name
Course Code
Institution Affiliation
Date
1
BUSINESS STRUCUTURE AND FINANCIAL STATEMENTS
2
Business Structure and Financial Statements
Introduction
Every individual is viable in conducting a business. However, the essential thing is to
ensure that all stakeholders are capitalized in the process. Therefore, it is paramount to
comprehend the type of business structure to employ before opening up a business. Involving a
business structure is essential in guiding the advantages and disadvantages on how the structure
can operate efficiently. Moreover, it is vital for the company to capitalize financial statements
since they are essential for the business to access their assets, income, and financial stability.
Therefore, in this scenario, there will be describing the legal categories of a business
organization, the type of business structure to choose and financial statements for the selected
business structure.
Legal categories of a business organization contrasting tax-related advantages and
disadvantages
There are different types of legal divisions of a business comparing tax related strength
and weaknesses, which includes sole proprietorship, corporations and at the same time,
partnership. The sole proprietorship is a type of business category in that the business is managed
and owned by a single individual who is capable of running the entire company. This form of the
busin...