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Business Worksheet

In: Business and Management

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Sample Business Forms Worksheet

There are seven forms of business: sole proprietorship, partnership, limited liability partnership, limited liability company (including the single member LLC), S Corporation, Franchise, and Corporation.

1. Select one of the forms of business
2. Research and provide three advantages and three disadvantages for this business form.
3. Provide a 100- to 200-word summary in which you provide an example business for each form. Discuss at least one of the advantages and one of the disadvantages of that form and potential legal forms that might be required.

Business Form: Sole Proprietorship

Advantages

1. Start up costs are low

2. You have maximum privacy

3. You keep all the profits

Disadvantages

1. The life of the businesses is limited

2. Capacity to raise capital is limited

3. Retaining high-caliber employees can be difficult b Summary

A catering company is an example of a sole proprietorship business an advantage is that that start up cost are low, and a disadvantage is that retaining high-caliber employees can be difficult. The law makes no distinction between the person, the sole proprietor, and the business. Google is a example of a partnership business. An advantage is that more capital is available, and a disadvantage is that each partner is an agent of the partnership and is liable for actions by other partners. A form that has to be sign is the partnership agreement form. LLC business advantage is there is limitless ownership, and a disadvantage is a there is government regulations. Something you have to do legally for a LLC is apply for a business license and other certificates specific to your industry. A S Corporation advantage is protected assets, and a disadvantage are formation and ongoing expenses. You also have to determine if the business IRS…...

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