Assume you are the manager of an organization that is thinking of forming a new business. Your supervisor has asked you to prepare information addressing the main factors to consider when deciding on the form the new business will take.
Sub Categories – The different forms of business entities to be considered are: sole proprietorship, partnership, corporation, and limited partnership, (LLC).
Main Categories – The main factors to be considered when selecting a business form are: ease of startup, taxes, ability to maintain control, ability to raise capital, and liabilities.
Address the different forms of business and the main factors that need to be considered when selecting and managing a new form of business.- Apply what youve learned about business law and regulations to explain the business risks (disadvantages) and benefits (advantages) associated with the different forms of business. (make sure this is in each category)
Include the following using categories and sub categories
o Ease of startup: Select 2 forms of business and explain the advantages and disadvantages related to the ease-of-startup factor.(Forms chosen: corporation , limited partnership (LLC)
o Taxes: Select 2 forms of business and explain the advantages and disadvantages related to the factor of taxes. (Forms chosen: partnership, limited partnership(LLC))
o Ability to maintain control: Select 2 forms of business and explain the advantages and disadvantages related to the factor of the ability to maintain control. (Forms chosen: sole proprietorship, corporation).
o Ability to raise capital: Select 2 forms of business and explain the advantages and disadvantages as it relates to the ability-to-raise-capital factor. (Forms chosen: sole proprietorship, corporation).
o Liabilities: Select 2 forms of business and explain the advantages and disadvantages as it relates to the factor of liabilities. (Forms chosen: Limited partnership(LLC), partnership.)
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