Discussion #1: Business Forms Choose which business form (sole proprietorship, "S" Corporation, "C" Corporation, LLC, 501C3)...

Discussion #1: Business Forms

Choose which business form (sole proprietorship, "S" Corporation, "C" Corporation, LLC, 501C3) you would use for one of the following businesses that you would like to own if you could:

Shoe store with best friend
A community fresh produce market
Paralegal consulting services
Catering business — three acquaintances who met on a food website
Technology Consulting services
3 Guys and a Girl Car Repair
Bookkeeping business — five accounting graduates' startup
Interactive gaming design- two family members
Second hand clothing consignment shop-(one dressmaker and a seamstress)
Home services business- large business with one knowledgeable owner and one banker/investor.
Franchise food business

2. Explain:

Who are the owners/founders besides yourself if any?
Who are your potential customers?
What makes your business unique in the marketplace?

3. What are the strengths? After you choose a business form, explain the following:

What are the strengths or benefits of this type of business form concerning taxes and liability based on the type of ownership and customer?

4. What are the weaknesses? Do you need a Board of Directors? What are the pitfalls of this type of structure and why based on the type of business being conducted?

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Expert Solution

samet mamat answered 1 year ago

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