What are the three legal forms of business organization? What are their advantages and disadvantages?…
Distinguish between the three primary forms of organization for a business, i.e. proprietorships, partnership, corporations. How are corporate decisions authorized and carried out?…
Rassel, P. (2008). LLC or Corporation: Which legal structure is better for your business? Georgia Trend, 37.…
4. Evaluate the different forms of business ownership to determine the optimal structure in different scenarios and the process for a…
Compare and contrast the following forms of business organization: sole proprietorship, general partnership, limited partnership, limited liability company, and corporation as to ease of formation, liability of owners, management, and tax implications.…
When seeking to operate a business or operation, there are several structures to take into consideration. With each one, there are advantages and disadvantages concerning profit, tax and other legalities. Some type of legal configuration must be adopted by any business to define the liabilities and rights of the people participating in the ownership, personal liabilities, financial structure, life span and control of the business. It is in the best interest of the business owner to form businesses that could optimize profitability, secure personal assets and minimize financial lost. When selecting the wrong form of nosiness, individuals risk losing assets in an effort to settle financial settlements and lawsuits. Within this paper, scenarios will be formed to demonstrate the different forms of business such as Sole Proprietorship, Partnership, Limited Liability Partnership, Limited Liability Company, S Corporation, Franchise and Corporate Form.…
Determine the type of business and business structure you want to start (sole proprietorship, partnership, corporation, or (LLC) Limited Liability Company).…
The four basic forms of a business are sole proprietorships, partnerships, c corporations and s corporations. Each of these forms has distinct advantages and disadvantages in relation to taxes, legal implications, accounting requirements and meeting the business’ objectives. Please refer to the illustration of these areas in the table below:…
A sole proprietor is a business owned by one person. It is the easiest to form of the business forms. An advantage of a sole proprietorship is an individual proprietor owns and manages the business and is responsible for all business transactions. This can also be a disadvantage, because one person is responsible for the success of their business.…
There are several ways that a business can be organized to define its structure. The main types of businesses are sole proprietorship, corporations, partnerships and limited- liability companies. How a business is organized explains how its taxes are paid, and accounts for profit and how it manages the liability by its owners. In the bylaws state that every organization has its own purpose and what it does. It has its name and contact information for those who own the business and what their entitlement role is. I will also discuss how businesses operate within the economic system and how they trade with each other and with other countries.…
Name: Steven Jackson Email: mcbsjackson@gmail.com Advanced Diploma in Event management Assessment no.4 The legal and insurance implications of staging a concert. Before staging a concert in a locality, there are some areas that need to be considered like: • Organizational structure and legal status • Event Ownership • Contracts and agreements • Licences and permission • Insurance Organizational Structures There are five types of organisational structures each with a different legal status, namely: •…
There are three types of business structures, partnership, sole proprietorship and a general corporation. Each structure has its disadvantages and advantages but the key is doing the research to determine which business structure will be suitable for your business venture. Many people may not be interested in running a small business so a sole proprietorship may not be the favorite structure to start with, or maybe when starting a business you may want your company to start small but eventually run as a corporation. Whatever the case may be one must understand the advantages and disadvantages of each structure.…
4. Choose an example of a company you could start, and decide which business structure would make the most sense for that type of company (sole proprietorship, partnership, LLC, C corporation, S corporation, or nonprofit corporation). Explain why this structure would be good for this type of company. Give at least 3 reasons. (3-6 sentences. 6.0 points)…
When forming a business, the owner or owners have many legal entities to consider. Before selecting one type of business formation over another, the owners should consider the advantages and disadvantages of each legal entity to determine the most viable option. To assist Betty, in making her decision; sole proprietorship, joint venture, partnership and franchising options will be evaluated.…
A sole proprietorship is a business owned by a single individual. Sole proprietorships are the most common form of business organization. An individual owns, manages the business and is responsible for all transactions and activities. There is no difference between the owner and the business legally. As a result, the owner not only retains the revenue and title to all of the business’s assets, he is also responsible for all losses and liabilities incurred. Although a sole proprietorship must comply with all required licenses and permits necessary for its type of business to operate legally, there is no legal requirement to start the business operation. Terminating a sole proprietorship can be done if the owner chooses to do so or upon the owner’s death.…