1. Explain the all the forms of and the advantages and disadvantages of each form ofbusiness.Define each form of business, sole proprietor, partnership, LLC, LP, andCorp.Next for each form of business explain the advantage and disadvantage ofthat particular form of business, comparing that form to the other typesdiscussed.2. Explain which form you would want to use for your business.o Explain why.

Sole proprietorship A sole proprietorship (otherwise called individual entrepreneurship, sole…

Answered: Explain the all the forms of and the…

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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for each type of business option (sole proprietorship, partnership, LLC, Corporation) create an analysis that compares each type of business option. Define each type of business. Remember to include ease of formation, liability, tax implications, control of the corporation, and any other important differences. Sole proprietorship Partnership LLC Corporation Ease of formation Liability Tax implications Control of the business Other important differences
1. Setting Up a Business Your friend, Olivia Graves, is going to start her own chocolate shop, called Chocolate-By-Design. Olivia is an expert candy maker and one of the city's top pastry chefs. Olivia has come to you for advice on what type of business Chocolate-By-Design should be-a sole proprietorship, partner- ship, or corporation. Create a report comparing the three different types of businesses, along with your recommendation for Chocolate-By-Design's business structure.
describe the advantages of an LLC versus operating as a sole proprietorship, general partnership, limited partnership, C Corporation, and S Corporation.
The Smith family has a very successful family tea shop that also provides wireless Internet access and live entertainment. They believe that there is a great deal of growth opportunity in such tea shops and plan to eventually expand. After meeting with their lawyers and accountants, they realize they need to change their business structure to either a corporation or a limited liability company. They understand that both have limited personal liability. Using the information in your text regarding the advantages and disadvantages of each, make a recommendation as to which you would recommend to the Smiths. Provide at least three reasons for your recommendation. Be prepared to defend your point of view.
The Smith family has a very successful family tea shop that also provides wireless Internet access and live entertainment. They believe that there is a great deal of growth opportunity in such tea shops and plan to eventually expand. After meeting with their lawyers and accountants, they realize they need to change their business structure to either a corporation or a limited liability company. They understand that both have limited personal liability. Using the information in your text regarding the advantages and disadvantages of each, make a recommendation as to which you would recommend to the Smiths. Provide at least three reasons for your recommendation. Be prepared to defend your point of view. I recommend that the Smiths form a ________________. corporation limited-liability company The rationale for your recommendation is as follows: (Explain your 3 reasons )
3. Explain the following: a. Sole Proprietorships and its 2 Disadvantages. b. Any 2 Strengths of Partnership form of business. C. Any 2 features of Limited Liability company (LLC) form of business.
1. Describe 4 Advantages and 4 Disadvantages of Sole Proprietorship Business. 2. Describe 4 Advantages and 4 Disadvantages of Partnership Business. 3. Describe 4 Advantages of Corporation Business.
Which form of business is generally most costly to set up but offers the most personal protection? a) Sole proprietorship b) Partnership c) Corporation d) Franchise
Brenden and carmen are considering forming a partnership. they need your help as to how income and lossee should be divided in their partnership.What factors should be considered in determining the division of net income or losses?
(1) How many sole proprietors do you know? Do theyseem satisfied with the choice of working forthemselves? Why or why not? (2) Would you everconsider going into business as a sole proprietor?Why or why not?
What are the legal requirements and considerations for forming a business entity, such as a corporation or a partnership?
how is a limited partnership transferred or sold and how the ownership interests would be handled?

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