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

Preview (3 of 8 Pages)

100%

BUS 311 � Business Law I Changing Times Makes for Changing Business Structure - Page 1 preview image

Loading page ...

Running head: BUSINESSSTRUCTURE1Changing Times Makes for Changing Business StructureBUS 311–Business Law IProfessor Gary GentryJuly10, 2014Based on the analysis of different business structures (Sole Proprietorship, Partnership, LLC, andCorporation) presented in theassignment, which business structure would you recommend for asmall business owner just starting out with minimal capital? Provide a clear justification for yourrecommendation, taking into account factors such as ease of formation, liability, taxconsiderations, and the owner's ability to manage.Word Count Requirement: 500-600 words

BUS 311 � Business Law I Changing Times Makes for Changing Business Structure - Page 2 preview image

Loading page ...

BUS 311 � Business Law I Changing Times Makes for Changing Business Structure - Page 3 preview image

Loading page ...

BUSINESSSTRUCTURE2Changing Times Makes for Changing Business StructureHave you ever been shopping for the perfect pair of shoes; a pair that is comfortable andfits just right? Shoes that do not hurt your feet at the end of the day or make your toes cry out forrelief? Generally most folks know that in order to find that perfect pair they have to try on manydifferent types. The same goes for a business structure. In order to find the perfect businessstructure, one has to find the right structure that fits for their business type. When choosing abusiness structure to fit your perfect business one needs to know what their choices are. If you orI were to start a business, which business entity would we use and why is that structural form thebest? Do we choose a sole proprietorship, partnership, corporation, or perhaps a limited liabilitycompany (LLC)? Having a comparison of the different structures in which to choose from andthe steps it takes to form them will help us in making a wise decision. Is there personal liabilityto the owners’ and what about the taxes, where does that responsibility lay? In addition what arethe advantages and disadvantages of the four structures already mentioned? This does not merelyneed to be my opinion, use the information to decide for you when creating your perfect businessstructure.When and if I were to start my own business, the business entity that I would choosewould be a soleproprietorship. I feel it is the best structure for me because not only is it easy tocreate it is also inexpensive. According to Davidson (2014), “Sole proprietorship also works bestwhen your business is entirely self-financed--in other words, if you're starting yourself up withyour own savings” (para. 4). As a new business owner I am using the money that I saved to startup my business. This way I owe no one; I am depending only on myself. This can still be a riskydecision as we explore further into this type of structure.Sole Proprietorship

Preview Mode

This document has 8 pages. Sign in to access the full document!

Report

Study Now!

Document Details

Related Documents

BUS 311 Week 1 Law Paper

BUS 311 Law

BUS 311 � Business Law I The Elements to Understanding an Event Contract

BUS 311 Business Law I

BUS 311 Business Law I: The starting of Acme Fireworks Company

BUS 311 Week 3 Quiz: Legal Concepts in Property, Agency, and Business Law

Commercial Law Assignment 1-1

MRL3702 Assignment 1

Quiz-No-2-Labor-ED

BLAW 202 Sample Questions Spring 2025

Company

Explore

Study Tools