Business Law/531 - Week 2 Assignment Essay Example
To begin and ultimately complete this week’s individual assignment, as well as, to fulfill the associated objectives, it was first necessary to thoroughly research and learn about each of the unique forms of businesses described in the course readings delegated to week two of the course syllabus. Further, this involved the detailed analysis of the similarities and differences, as well as, the unique principles and reasons behind each of the business forms, and to do so in a way that eventually allowed one to determine a business scenario that worked best for each form described. In the end, it became quite clear that whether a business takes on the form of a sole proprietorship, general partnership, limited liability partnership, limited liability company, S corporation, corporation, or franchise, it is vitally important, as a business professional or aspiring entrepreneur in today’s marketplace, to understand the strengths, weaknesses, pros, and cons of each and every one of them. With all of this said, this brief research paper will provide the reader with valuable insight on each of these eight forms of businesses, and then proceed to explain what types of situations in today’s business world can best be utilized and consequently achieve that most success. The first notable form of business in this list is a sole proprietorship. According to the authors of this week’s readings, sole proprietorships hold the distinction of being the simplest type of business to form (Cheeseman, 2010.) Further, the owner of this form of business is indeed the sole proprietor, and therefore, in legal terms, the business itself. Another piece of interesting information is that sole proprietorships currently constitute the single largest common form of business enterprises in the United States today (Cheeseman, 2010). Furthermore, because of the advantages of being quick and easy to get started, ownership having the ultimate authority in all decisions within his or her