Scenarios Karen Jones Law/531 October9, 2011 Julie A. Benens Business Scenarios When an individual is thinking about starting a business, he or she needs to decide what form of business would fit his or her needs the best. The types of business that are commonly used today are sole proprietorship, partnership, limited liability partnership, limited liability, S Corporation, franchise, and corporate. This paper will discuss each form of business and justify why the corresponding business form
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Legal Forms of Business Introduction The different forms of business include sole proprietorship, partnership, limited liability company, S corporation, franchise and corporate form. However, depending on the type of business and the number of individuals involved in starting the business can determine what the best form of business to suit the organization. The advantages and the disadvantages must be weighed and thought out carefully in order to minimize risks and possible
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Business Ownership The biggest decision an individual can face is with when starting a business is selecting the type of business he has interest in. Will his business be a sole proprietorship, a partnership, corporation, or limited liability company. Each of the four business types has many advantages and disadvantages regarding taxes and liability. The individual who wants to start-up the business
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INTRODUCTION It is essential for every business association to understand and have knowledge of all law and regulation of business before starting new business. If any organization does not meet the requirement or fails to fulfill the essentials of business law than, it becomes difficult for them to proceed in a successful manner (Aurther, 2013). The proper knowledge of business law would help the business to properly operate the business operations without having hindrance of ignorance. In this
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the most fundamental decisions all businesspersons face in starting a business is how that business will be organized,” (2012). There are several deferent business entities to choose from. The business owner would have to weigh the different possibilities and factors such as taxes and liability to find which entity fits their intentions best. Most new small businesses options come down to a sole proprietorship, a partnership, a Corporation, or a Limited Liability Company (LLC). “For many small business
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Liability may be one of the biggest advantages to incorporating a business. Along with advantages of incorporating, the tax treatment for different types of businesses will differ whether it is a C-Corp, Subchapter S, or an LLC (limited liability corporation). All of these options will give businesses the best solution to take advantage of different types of tax treatment and the advantages of incorporating. From a liability standpoint, incorporating a business is going to protect the owners’ personal
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leader as well as the owner of their specific business. With becoming an entrepreneur comes planning and decision making and choosing a business structure being the first step to the decision making process. Sole proprietorship, partnership, and corporation are a couple of the main business structures that where mentioned in the videos. Sole proprietorship Sole proprietorship is the easiest and most popular form of business structure with a multitude of advantages and disadvantages. A plus is that
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product launch, all play a key role into starting up a clothing company. However, the most important decision when starting up a company is deciding what business structure would best fit the company. In business and entrepreneurship there are four main forms that one can choose from to best fit the type of business that they want to create. The four forms of business are as follows; sole proprietorship, partnership, limited liability company (LLC), and a corporation. These forms have their own pros and
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Paper: Legal Forms Of Business with Supporting Scenarios There are seven major forms of business: sole proprietorship (sole trader), partnership, limited liability partnership (LLP), and limited liability company (LLC), subsidiary or subchapter corporation (S), franchise, and corporate/company (C- traditional). The various forms of businesses are established and recognized by state laws. To determine the type of business form to use, it is important to know the differences, advantages, and disadvantages
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the goal of determining, for each business, the following: • The business entity that represents the best choice for each business • Taking control • Taxation issues • Liability issues • Laws and regulations each business must consider in starting the business • Risks the business must protect itself against The Bar The first business a restaurant/bar: “Lou and Jose plan to open a sports bar and restaurant where customers socialize and watch sporting events on large-screen TVs that hang
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