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BUS 311 � Business Law I Changing Times Makes for Changing Business Structure

A solved assignment discussing business structure adaptation in law.

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    Running head: BUSINESS STRUCTURE 1 Changing Times Makes for Changing Business Structure BUS 311 – Business Law I Professor Gary Gentry July 10 , 2014 Based on the analysis of different business structures (Sole Proprietorship, Partnership, LLC, and Corporation) presented in the assignment, which business structure would you recommend for a small business owner just starting out with minimal capital? Provide a clear justification for your recommendation, taking into account factors such as ease of formation, liability, tax considerations, and the owner's ability to manage. Word Count Requirement: 500 - 600 words

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    BUSINESS STRUCTURE 2 Changing Times Makes for Changing Business Structure Have you ever been shopping for the perfect pair of shoes; a pair that is comfortable and fits just right? Shoes that do not hurt your feet at the end of the day or make your toes cry out for relief? Generally most folks know that in order to find that perfect pair they have to try on many different types. The same goes for a business structure. In order to find the perfect business structure, one has to find the right structure that fits for their business type. When choosing a business structure to fit your perfect business one needs to know what their choices are. If you or I were to start a business, which business entity would we use and why is that structural form the best? Do we choose a sole proprietorship, partnership, corporation, or perhaps a limited liability company (LLC)? Having a comparison of the different structures in which to choose from and the steps it takes to form them will help us in making a wise decision. Is there personal liability to the owners’ and what about the taxes, where does that responsibility lay? In addition what are the advantages and disadvantages of the four structures already mentioned? This does not merely need to be my opinion, use the information to decide for you when creating your perfect business structure. When and if I were to start my own business, the business entity that I would choose would be a sole proprietorship. I feel it is the best structure for me because not only is it easy to create it is also inexpensive. According to Davidson (2014), “Sole proprietorship also works best when your business is entirely self - financed -- in other words, if you're starting yourself up with your own savings” (para. 4). As a new business owner I am using the money that I saved to start up my business. This way I owe no one; I am depending only on myself. This can still be a risky decision as we explore further into this type of structure. Sole Proprietorship

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