Sole Proprietorship: In your everyday world, you must first find an example of a Sole Proprietorship. This may be a local business that you frequent owned only by the person who you see there most days, or may be owned and managed by spouses, siblings, parent/child, etc. You will need to ask, telling the owner that you are doing this for a class, for credit, and he/she should be willing to tell you if they are a sole proprietorship. Begin by explaining the nature of the business, followed by an explanation as to why the business owner selected to become a sole proprietor. Include the advantages and disadvantages of his or her choice. Would a partnership be more advantageous? Fully explain and justify your answer.
Corporation: Also, you will need to explore a corporation. Give the name, and how you know it is a corporation. You might find this one with a search on the Internet, using a corporation you already know about, but be sure it is incorporated as a legal entity. You may wish to go to Google.finance.com or finance.yahoo.com and check these out for a corporation. Why do you think the corporation form of business is advantageous to this company?
Limited Liability Company: Lastly, what company have you identified as an LLC, Limited Liability Company? Why do you think this is an attractive type of business organization for this particular business?
Specifications
Post your opening response to the question early in the assignment period so that others have time to respond to you.
A thoughtful opening response will consider all the factors as required.
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