Preferred Form Of Business For Different Business Scenarios

  • Premium Essay

    Legal Forms Business Paper

    Legal Forms Business Paper Brandi Austin LAW/531 April 16, 2012 Aaron Kemp Legal Forms Business Paper Deciding the form of business organization is one of the most important phases in developing a company. One must understand the pros, cons, requirements and qualifications needed before determining which form is best for the business. The next few paragraphs will discuss various forms of businesses and provide scenarios to clarify the appropriate use of these forms. Sole Proprietorship

    Words: 1158 - Pages: 5

  • Premium Essay

    Legal Forms of Business

    Legal Forms of Business Paper University of Phoenix Business Law LAW/531 Legal Forms of Business Paper When deciding to start a business, new business owners must decide which business structure they will use to start their business; however, that choice is not always obvious. Therefore, business owners must first understand how each business structure works and choose a business form one that fits their business needs. Business owners have major business structures to choose from

    Words: 2219 - Pages: 9

  • Premium Essay

    Legal Forms of Business

    Business Law 531 Legal Forms of Business Lyneeta A. Johnson University of Phoenix October 1, 2012 Christine Benway Legal Forms of Business Starting a business is an exciting event for a business owner; it signifies the beginning of a business venture expected to be successful. Choosing an industry, identifying the

    Words: 1382 - Pages: 6

  • Premium Essay

    Legal Forms of Business

    Law 531/ Business Law Legal Forms of Business As an entrepreneur one of the most important decision to make, when starting a business is the legal form of the business. In making this decision many factors are taken into consideration, such as financial resource for business, government rules and regulation, and personal liability. In this paper a discussion regarding the different forms of business including scenarios of these form and explanation on why this corresponding business form is preferred

    Words: 986 - Pages: 4

  • Premium Essay

    Legal Forms of Business

    Legal Forms of Business Ismael Aguilar Business Law / LAW-531 September 10, 2012 Erica Woodford Legal Forms of Business When an entrepreneur is in desire to start a new business, the available options for the legal forms of business are somehow overwhelming. Each form of business provides different advantages and risks, a good understanding of the main aspects of these form of business is a step that the entrepreneur must complete to avoid future drawbacks. During the following paper, we

    Words: 1434 - Pages: 6

  • Premium Essay

    Business Scenarios to Consider

    Scenario List Select a scenario from the list. 1. As a partner in a new business, one of your roles is to review information technology tools available to assist you in a certain aspect of your business (e.g., marketing, accounting, sales, quality assurance). Select a technology that emerged within the last five years and consider its impact on your business. Make a decision on whether to adopt this technology. 2. As a member of the human resources department in a manufacturing organization with

    Words: 546 - Pages: 3

  • Free Essay

    3 Legal Form of Business

    There are three legal forms of business: Sole Proprietorship, Partnership, and Corporation. The inventor scenario sounds like the business would start as a Sole Proprietorship since there are limited finances and the inventor’s net worth is low. However, with the new technology being introduced this business could quickly grow and eventually turn into a Partnership or possibly Corporation. A Sole Proprietorship is the easiest business to start with little overhead cost. All decisions are made

    Words: 501 - Pages: 3

  • Premium Essay

    Legal Forms of Business

    Week Two: Individual Paper: Legal Forms Of Business with Supporting Scenarios Chanel Moore-Bass Law/531 Business Law March 19, 2012 Carmina Perez-Fowler, UOPX Faculty Online Week Two: Individual Paper: Legal Forms Of Business with Supporting Scenarios There are seven major forms of business: sole proprietorship (sole trader), partnership, limited liability partnership (LLP), and limited liability company (LLC), subsidiary or subchapter corporation (S), franchise, and corporate/company (C-

    Words: 1219 - Pages: 5

  • Premium Essay

    Forms of Business

    Legal Forms of Business There are many forms of businesses, from the small business to the corporate business that are found all over the world. Each has its own unique properties, as well as some areas that are similar to all. In this paper, I will give scenarios of the following legal forms of business: sole proprietorship, limited liability partnership, Limited Liability Company, S corporation, franchise and corporate form. This paper will also discuss the justification as to why this business

    Words: 1295 - Pages: 6

  • Premium Essay

    Legal Forms of Business

    Legal Forms of Business Michelle Impellizzeri LAW/531 January 21, 2012 J. Thomas Witek, JD Legal Forms of Business To start a business, choosing the best form of operation will depend upon the type of business the owner wants to undertake. When selecting a form of business the owner should ensure that the form best meets their needs. “The selection depends on many factors, including the ease and cost of formation, the capital requirements of the business, the flexibility of management decisions

    Words: 1938 - Pages: 8

  • Premium Essay

    Forms of Business

    Forms of Business Business Law/531 Forms of Business A sole proprietorship owner is liable for 100% of the business. This means that any debts of the business are also debts of the owner (Chesseman, 2010). This is a disadvantage for a sole propriety owner. Sole proprietor owner gets a tax break. The owner can file a single personal tax form. A sole proprietor is also subject to the least amount of government regulations of all business entities (Chesseman, 2010). When it comes to running

    Words: 516 - Pages: 3

  • Premium Essay

    Business Forms

    When a person or persons choose to start a business, many factors must be considered when deciding the type to create. Some of the factors include liability, taxes, continuity, control, profit retention, location, and other requirements. Sole Proprietorship – A sole proprietorship is the most commonly formed company in the United States. It is the easiest to create since the owner simply begins to conduct business transactions. It is beneficial to the owner because he remains utterly autonomous

    Words: 2633 - Pages: 11

  • Premium Essay

    Forms of Business Organization

    Forms of Business Organization Forms of Business Organization Have you ever imagined who commences the required capital, takes the accountability of arranging assets and other resources, operates them into practice, and controls and coordinates the operation to earn desired profits? If you search around, you will find a manufacturing business owned and operated by a single individual, who executes all these operations. It is significant for business owner(s) and manager(s) to comprehend

    Words: 2123 - Pages: 9

  • Premium Essay

    Forms of Business

    Forms of Business When beginning a business venture, the first and most important decision made by the owner is to review the forms of business options and determine which one would be suitable for the organization of their company. There are seven forms of business that will be discussed and different scenarios that will be developed in which each of these forms of business would be the preferred form. The seven forms of business are sole proprietorship, partnership, limited liability partnership

    Words: 1782 - Pages: 8

  • Premium Essay

    Legal Forms of Business

    Legal Forms of Business When considering the preferred legal form of business, it comes down to the level of liability, the size of the business and the number of owners or shareholders that will be involved. It is important to consider that with the increased size of a business and the increase in the number of owners, the decision-making process becomes more complex. The level of liability for the owners decreases as the owners no longer are liable for the losses and gains of the business within

    Words: 2170 - Pages: 9

  • Premium Essay

    Legal Forms of Business

    Legal Forms of Business Amber Jackson MSAO1828E8 June 10, 2013 Norma Sutton Legal Forms of Business Sole proprietorship - A sole proprietorship is the first step for many businesses. It is not a business entity per se because there is no legal setup involved. Usually these types of businesses have one owner, although in some cases, spouses may own jointly a business. In a sole proprietorship, the owner is responsible for liabilities. There is no distinction between the personal

    Words: 1541 - Pages: 7

  • Premium Essay

    Legal Forms of Business

    Legal Forms of Business Legal Forms of Business Entrepreneurs face a difficult decision in choosing a legal form of business. The preferred form of entity is dependent on many relative factors, such as the type of organization and business environment. Different forms of legal businesses have different tax, investment, and financial implications. The best-suited business calls for a thorough analysis of pertinent facts before making a decision – requiring some careful planning and strategy

    Words: 1429 - Pages: 6

  • Premium Essay

    Business Organization Forms

    ACC 561 Jared Jones Forms of Business Organization Introduction There are four ways that a business can organize itself. The owners and partners in this newly formed business may share in a variety of responsibilities and must decide which form their business should take on. The four basic ways a business can be organized is a sole proprietorship, partnership, C corporation and S corporation. There are a variety of advantages and disadvantages to each. When it comes to Tax implications

    Words: 1353 - Pages: 6

  • Premium Essay

    The Legal Forms of Business

    Running head: LEGAL FORMS OF BUSINESS Abstract Entrepreneurship is one of the cornerstones of the American way of doing business. Many businesses are organized each day. Business owners are fortunate that there is a form of business for just about every entrepreneurial need. Legal Forms of Business The various forms of business organization are established by state law. Therefore, businesses are formed according to rules in the state in which they are organized. An entrepreneur is the

    Words: 1426 - Pages: 6

  • Premium Essay

    Legal Forms of Business

    Legal Forms of Business Law/531 Legal Forms of Business There are multiple legal forms of business including sole proprietorships, partnerships, limited liability partnerships, limited liability companies, S-corporations, franchises, and corporate forms. Entrepreneurs must assess concerns of liability, risks, and assets when considering these optional forms of business because each form has its own advantages and disadvantages. The following paragraphs illustrate specific scenarios

    Words: 1773 - Pages: 8

  • Free Essay

    Business Scenario

    A Business Scenario Regine Tribble 06/10/14 Bus/210 This is a past, present, and future business scenario. A few years ago I started doing my family hair in the basement of my house and the ones who could afford to pay would pay me between 10 and 20 dollars. So I got to thinking what if I just starting doing my friends and even their family’s hair I would really make some extra money. So I decided to become my own boss and that made me a sole proprietorship because I was doing all the work

    Words: 490 - Pages: 2

  • Premium Essay

    Form of the Business

    The Form of Your Business The dynamic creation of Funn Timez was form by three intelligent people; Dominick Batiste, Emily Burkett, and Danton Lee. We decided to create a general partnership where each of us will invest our own money and start a business. The partners of Funn Timez all agreed on having joint authority and joint liability. Being said, we understand the responsibilities if the company gets sued for injuries or harassment issues. Also providing personal income to sustain our business

    Words: 455 - Pages: 2

  • Premium Essay

    Forms of Business

    MODULE -2 Business Organisations Notes 5 FORMS OF BUSINESS ORGANISATION ou have studied in the first lesson about the business, its significance and the classification of business activities. You are also aware that these activities are carried out by individuals in an organised form of a business house having different patterns of ownership and management. A single individual may own the business or a number of individuals may come together to own the business jointly. So, based on ownership

    Words: 10847 - Pages: 44

  • Premium Essay

    Business Scenario

    Business Scenario Vikki Matamoros MGT/350 Critical Thinking February 14, 2011 Ken Rath Business Scenario Expanding operations into a foreign country requires careful planning and key decision making. Southwestern Cardiovascular Associates wants to extend the medical services it provides to the country of Kava. Facing natural disasters and other health concerns the doctors see an opportunity to open a clinic to aid Kava. This company will have to address several issues and obstacles before

    Words: 924 - Pages: 4

  • Free Essay

    Business Forms

    Sole Propietership A sole proprietorship is a type of business where there is no legal distinction between the business and its owner. It is the most popular form of business in the United states. Before you decide that this is the tyoe of businwaa you want to run, you should consider the following. • Ownership- In a sole proprietorship, there is only one owner. They are in control of all areas of the business and are legally responsible for the business’s finances. Those

    Words: 487 - Pages: 2

  • Premium Essay

    Forms of Business

    unincorporated business owned by one person is called a sole proprietor. Others may be hired to help but the sole proprietor runs the business directly. The destiny of the company is ultimately on the shoulders of the sole proprietor. Managing, sales and finance are all performed by the sole proprietor. There is no need for any formalities or agreements when the business is run by one person. The characteristics of a sole proprietorship are the adequacies of credit and capital for the business is relatively

    Words: 1175 - Pages: 5

  • Premium Essay

    Organizational Forms of Business

    Organizational Forms of Business Legal issues for Business Organizations LIT1 July 23, 2012 * * * * * * * * * * * * * There are different types of business organizational structures. These structures include sole proprietorship, general partnership, limited partnership, C-Corporations, and S-Corporations. These structures each have advantages and disadvantages, depending on the particular situation or desired effects the business owners

    Words: 2312 - Pages: 10

  • Premium Essay

    Business Forms

    Business Organization Forms Alyssa Wiseman Western Governors University Overview The decision to change from one form of business organization to another can be quite a daunting task. With multiple factors to take into consideration, it should not be a decision that is taken lightly. I have been hired to facilitate this process by outlining six different forms of business organizations, the key characteristics that differentiate one form from another, such as liability, income

    Words: 2226 - Pages: 9

  • Premium Essay

    Business Scenario

    Business Scenario MGT 350 Business Scenario Business Scenario Kava is a small island country in the South Pacific. Kava has been plagued with unfortunate circumstances that have brought about one disaster after another. This is a country that is in dire need of some help and aid in the situation of getting the country cleaned up and on its way to recovery. The Island of Kava must over come many obstacles in order to improve the contiditon of there people. Certain events that have happen were

    Words: 903 - Pages: 4

  • Premium Essay

    Preferred Form of Business for Different Business Scenarios

    LEGAL FORMS OF BUSINESS Preferred Form of Business for Different Business Scenarios Abstract Either when starting a business, or even when the venture parameters have changed, owners must decide in regard to the most suitable business structure for their needs. Whether the business will be a sole proprietorship, partnership, limited liability company (LLC) or corporation, it depends on the type of business, how many owners it has, and its financial situation. There is no one choice

    Words: 3501 - Pages: 15

  • Premium Essay

    Forms of Business

    Forms of Business Kimberly Smith FIN231_1 February 14, 2016 Instructor McAndrew Forms of Business There are at least five different forms of business. They are proprietorship, partnership, corporation, limited liability company, and cooperative. The three major forms of business are proprietorship, partnership, and corporation. With proprietorship (also known as sole proprietorship), the business is only owned by one person. This person assumes all of the responsibility for the business

    Words: 987 - Pages: 4

  • Premium Essay

    Forms of Business

    Forms of Business Erin Epps Law/531 August 1, 2011 Christine Benway Forms of Business There are a number of different types of businesses: sole proprietorship, partnership, limited liability partnership, limited liability company, S corporation, franchise, and corporate firm. Each form of business has benefits which it can provide to its owners. As a person in business it is extremely important to determine which form of business best suits the intended goals and needs. According to

    Words: 890 - Pages: 4

  • Premium Essay

    Legal Forms of Business Paper

    forms Legal Forms of Business Paper Yaciel Toledo Law/531 June 3rd, 2011 University of Phoenix Legal Forms of Business Paper Selecting the best form of operating a business depends on the type of business the owner wants to run. The owners have to pick the structure that best meets their needs. “The selection depends on many factors, including the ease and cost of formation, the capital requirements of the business, the flexibility of management decisions, government restrictions

    Words: 942 - Pages: 4

  • Premium Essay

    Legal Forms of Business

    Legal Forms of Business Paper University of Phoenix LAW/531 Aaron Gershonowitz November 7, 2011 Legal Forms of Business There are many different forms of business in today’s society. They run from sole proprietorship to corporate form. When someone wants to start a business, he/she has to decide what form of business he/she wants to be a part of. Of all the forms of business out there, this paper will be discussing seven of them, along with scenarios that each of these seven forms

    Words: 2416 - Pages: 10

  • Premium Essay

    Forms of Business

    simplest form of business entity. Single person carrying on a business for profit. The sole proprietorship is the simplest business form under which one can operate a business. The sole proprietorship is not a legal entity. The sole proprietorship is a popular business form due to its simplicity, ease of setup, and nominal cost. A sole proprietor need only register his or her name and secure local licenses, and the sole proprietor is ready for business beginning and ending the business venture

    Words: 2419 - Pages: 10

  • Premium Essay

    Legal Forms of Business

    Legal Form of Business Paper Many different forms of business exist. Some of them are more common than others. Sole proprietorship, partnership, limited liability partnership, limited liability company, S corporation, franchise, and corporate form are the seven forms of business that we are going to discuss in this paper. We are going to develop scenarios in which each of these forms of business would be the preferred form and justify why the corresponding business form would be most preferable

    Words: 1262 - Pages: 6

  • Premium Essay

    Two Legal Forms of Business

    between two legal forms of doing business. Discuss their differences and the benefits and liabilities between the two. Provide an example business. What would be the preferred form of business, and why? Sole proprietorship and corporation are two different forms of the several legal forms of conducting business. Sole proprietorship is a single person owning a business and the owner is the decision-maker with total control. Because it is the simplest form of starting a business several advantages

    Words: 327 - Pages: 2

  • Premium Essay

    Forms of Business

    Forms of Business Lurene Flynn Law/531 October 24, 2011 Christine J. Benway, J.D. Instructor Forms of Business Determining the type of business to open is very important in order to know the business form that will be used. Knowing the business structure is important because it determines how the business income will be taxed. This paper will discuss the different forms of business, give examples of each form, and justify why the corresponding business form is

    Words: 1428 - Pages: 6

  • Free Essay

    Legal Forms of Business

    Legal forms of business Legal forms of business University of Phoenix Law/531 Week 2 Donna McKenzie Stanley P. Santire March 17, 2012 Literature reporters stated that business preferences are based on availability in states of residences based on the preferred structure (Fordham Urban Law Journal, 2005). Prior to January 1, 1998, availability for individual business ownership was limited to SP (Sole Proprietorship) or corporations. The amendment of the limited liability company act now

    Words: 369 - Pages: 2

  • Premium Essay

    Legal Forms of Business

    Legal Forms of Business LAW 531 Legal Forms of Business The first step in a new business is to decide how the business will be structured and the first executive decision will be to choose what type of business organization is the best. There are a number of legal forms that a business can take but to make that choice the following should be taken into account. For example: the size and scope of business, the level of structure, the level of control, tax matters, profit or loss of the business

    Words: 1178 - Pages: 5

  • Premium Essay

    Business Forms

    of starting their own business and being their own boss calling all the shots. Before starting a business, entrepreneurs must think about what kind of business they want to start and under what Forms. The different kind of forms to consider is sole proprietorship, partnership, corporation, and franchise. Each form is tailored to certain kind of business and knowing the details of each will enhance the business strategy. Sole proprietorship: This form of business structure is mostly used

    Words: 1036 - Pages: 5

  • Premium Essay

    Legal Forms of Business

    LEGAL FORMS OF BUSINESS Legal Forms of Business Law/531 April 12, 2012 Robert Payne Legal Forms of Business Choosing the proper business organization structure is one of the most important decisions that a business owner must make. The type of organization will determine how the business handles tax matters and whether there is protection against personal liability. A business owner should consider several factors in choosing a business structure, including the number of individuals

    Words: 1118 - Pages: 5

  • Premium Essay

    Legal Forms of Business

    Legal Forms of Business Mike Robertson LAW531 May 7, 2012 Julie Benes Legal Forms of Business The well-informed businessperson understands choosing the correct business form is important. The type of business form determines what type of business organized, how money flows in and out of the business, how the business and owners are taxed, and the levels of risk to owners. There are several types of business forms. These types are sole proprietorship, partnership, Limited Liability Partnership

    Words: 2331 - Pages: 10

  • Premium Essay

    Legal Forms for Business

    Consider each of the following forms of business: sole proprietorship, partnership, limited liability partnership, limited liability company, S corporation, franchise, and corporate form. Develop scenarios in which each of these forms of business would be the preferred form. For each scenario, justify why the corresponding business form is preferred. In business world the first decision that is made is usually the most difficult. When making business investment decisions, the owner must decide

    Words: 496 - Pages: 2

  • Premium Essay

    Legal Forms of Business

    deciding to go into business for oneself, it takes a great deal of time, thought, and risk. Becoming an entrepreneur is not a simple task. One of the most important decisions an entrepreneur must make is deciding what type of business he or she wants to open. Throughout this paper, I will discuss seven business types; sole proprietorship, partnership, limited liability partnership, Limited Liability Company, S corporation, franchise, and corporation, and will give a scenario for each. In addition

    Words: 1751 - Pages: 8

  • Premium Essay

    Forms of Business

    Forms of Business There are multiple business formation options available to those looking to start a business. The type of formation depends various factors “including the ease and cost of formation, the capital requirements of the business, the flexibility of management decisions, government restrictions, personal liability, and tax consideration” (Chessman, 201) to name a few. The major forms of business organizations are general partnership, limited partnership, sole proprietorship, limited

    Words: 1265 - Pages: 6

  • Premium Essay

    Legal Forms of Business Paper

    head: LEGAL FORMS OF BUSINESS PAPER Alumina and BP Scenario Collaborative Analysis University of Phoenix Pedro E. Grave de Peralta LAW531-Business Law Ken Marc July 28, 2012 This paper will be discussed, as well as explaining sole proprietorship, partnership, limited liability partnership, Limited Liability Company, S corporation, franchise, and corporate form found this

    Words: 1139 - Pages: 5

  • Premium Essay

    Legal Forms of Business

    Legal Form of Business Paper Many different forms of business exist. Some of them are more common than others. Sole proprietorship, partnership, limited liability partnership, limited liability company, S corporation, franchise, and corporate form are the seven forms of business that we are going to discuss in this paper. We are going to develop scenarios in which each of these forms of business would be the preferred form and justify why the corresponding business form would be most preferable

    Words: 329 - Pages: 2

  • Premium Essay

    Legal Forms of Business

    Legal Forms of Business Law 531 April 5th, 2012 Legal Forms of Business Once one makes a choice to start a business, the next decision is under which legal form that business should operate. The selection is dependent on factors like the ease and cost of creation, the capital necessities, management style, government limitations, personal liability, and tax considerations (Cheeseman, 2010). It is important to make sure whichever legal form of business one chooses is in line with the best

    Words: 1740 - Pages: 7

  • Premium Essay

    Forms of Business

    Explain the forms of business. Which form of ownership would you prefer? There are 3 main forms of Business organizations a) Sole Proprietorship (b) Partnership (c) Corporation a) Sole Proprietorship In a Sole Proprietorship, there is no legal distinction between the Sole Proprietor's status as an individual from his or her status as a business owner. Although sole proprietorships are common in a variety of industries, they are concentrated primarily among small businesses such

    Words: 434 - Pages: 2

+
-