Multimedia activity: Business Organization
Visit the Choose Your Business Structure section of the U.S. Small Business Administration’s website.
If you were to start your own business, which business entity structure would you choose? Justify why your chosen structure is the best organizational form.
Explain the following business structures: sole proprietorship, partnership, LLC, and a corporation. In your analysis address the following for each business structure:
• Steps to form
• Personal liability for owners
• Advantages and disadvantages
Your paper must be three to five pages (excluding title and reference pages), and it must be formatted according to APA style. You must cite at least two scholarly sources in addition to the course textbook. Cite your sources in-text and on the reference page.
Please note for each new topic discussion, I would like a subject header.
BUSINESS ORGANIZATION Studentâ€™s Name: Institution: Submission Date: Preferred Business Structure If I were to start my own business, it would be a sole proprietorship. This business structure is easier to form compared to any other business structure. For example, the costs required to develop the startup from scratch are minimal compared to other business structures such as limited liability companies or even an S-Corp. On the other hand, a sole proprietorship structure has an easy tax preparation schedule. In fact, the business is not taxed separately; the tax imposed in this business structure is the sum total of personal income returns tax, and has the lowest tax rates of all business structures. Another major benefit of the sole proprietorship model is the absolute control it offers an individual. Since you are the rightful owner of the business entity, you are entitled to make any decision you deem fit for your business. Sole Proprietorship A sole proprietorship is actually the easiest and quickest business structure to adopt. There are no complex legal requirements since it is just an individual who forms the business. However, as a sole proprietor, one may need to still register the business and acquire a formal operation license from regulatory authorities. Registration of the business structure requires one to either use a personal name or a trade name (or Doing Business As name). The trade name is required when a personal name is no...