Legal Form of Business Paper Many different forms of business exist. Some of them are more common than others. Sole proprietorship, partnership, limited liability partnership, limited liability company, S corporation, franchise, and corporate form are the seven forms of business that we are going to discuss in this paper. We are going to develop scenarios in which each of these forms of business would be the preferred form and justify why the corresponding business form would be most preferable
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with a sole proprietorship, a partnership, (LLC) limited liability or a corporation. When deciding which legal form is best for your company, one must understand how each legal form works, then choose the right one that best fits the company’s needs. If a company is unsure of which form to choose from it is best to seek some legal guidance or an accountant? Small businesses may want to start with a sole proprietorship or partnership, mainly because personal liability is not a huge concern. These two
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Legal Forms of Business Law/531 Legal Forms of Business There are multiple legal forms of business including sole proprietorships, partnerships, limited liability partnerships, limited liability companies, S-corporations, franchises, and corporate forms. Entrepreneurs must assess concerns of liability, risks, and assets when considering these optional forms of business because each form has its own advantages and disadvantages. The following paragraphs illustrate specific scenarios
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into joint-venture agreements? A joint venture is a strategic alliance where two or more parties, usually businesses, form a partnership to share markets, intellectual property, assets, knowledge, and, of course, profits. It involves coming together of different business entities, which contributes a combination of subsets of assets for a specific business purpose and a limited duration. It is essentially a medium to long-term contract which is specific and flexible. Joint Venture is all about combining
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evolves from a start-up to a major corporation. List the advantages and disadvantages of each form. The three main forms of business organization are sole proprietorships, partnerships, and corporations. Several hybrid forms are also gaining popularity. These include the limited partnership, the limited liability partnership, the professional corporation, and the S corporation. The proprietorship has three important advantages: (1) it is easily and inexpensively formed, (2) it is subject to few
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management decisions, government restrictions, personal liability, tax considerations, and the like” (Henry Cheeseman, 210, p. 529) Moreover, choosing the right form to run a business will also determine how the business is organized, how the cash flow is, and how the business is taxed. “The most common forms of business organization are: sole proprietorship, general partnership, limited partnership, limited liability partnerships, limited liability company, and corporation” (Henry Cheeseman, 210
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Forms of Business Erin Epps Law/531 August 1, 2011 Christine Benway Forms of Business There are a number of different types of businesses: sole proprietorship, partnership, limited liability partnership, limited liability company, S corporation, franchise, and corporate firm. Each form of business has benefits which it can provide to its owners. As a person in business it is extremely important to determine which form of business best suits the intended goals and needs. According to
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Creating, Financing, and Marketing a Business The Partnership There are several pros and cons of the partnership as a form of ownership. These are discussed in the succeeding paragraphs. The pros will be discussed first. The first pro of partnership is the ability to combine resources. When partners join forces towards a common goal, they are able to compliment the weaknesses of one and enhance the strength of others. These resources can come in many forms. Very often
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670 Legal Environment Andrew Stave Monday April 15, 2013 In this paper I will discuss business structure and organization and how liability differs between each organizational form. My business Tinker’s Home Security Service is being sued by one of my clients for breach of contract. The lawsuit derives from the fact that one of our clients’ property was burglarized and they are stating
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Limited Liability Corporation and Partnerships FIN/419 December 19th, 2011 James Hagist There are multiple legal forms of business, each developed and selected by business owners depending on the needs of that business. Each legal form of a business has specific ownership and taxation laws and regulations that assist business owners in making the decision on which selection to make. Among the three most common legal forms of business are partnership
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