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Essay / Research Paper Abstract
A 5 page paper discussing the legal structures that businesses can adopt for themselves. These forms include sole proprietorship, partnership, corporation and the limited liability company (LLC). There are advantages and disadvantages to each, and the form chosen depends on the organization's purposes and goals. The form that the business owner chooses should be that which returns the greatest range of benefits relative to the nature of the business. Bibliography lists 5 sources.
Page Count:
5 pages (~225 words per page)
File: CC6_KSbusForms.rtf
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Unformatted sample text from the term paper:
form in which they will operate. These forms include sole proprietorship, partnership, corporation and the limited liability company (LLC). There are advantages and disadvantages to each, and the
form chosen depends on the organizations purposes and goals. Sole Proprietorship Many individuals starting small businesses choose this form of ownership. The
sole proprietor owns all of the assets - and liabilities - of the business, and reports business income on his personal income tax return. In most cases, the sole
proprietor also is the individual responsible for the daily operation of the business. Advantages include ease of establishing the business and the facts
that the owner has total control of the business and receives all of the income it generates. Disadvantages are significant, however. The sole proprietor is responsible for all
liabilities that the business may incur, including negative outcome of possible legal action against the business. Also, benefits payments on behalf of any employees the sole proprietor may hire
are not deductible (Forms of Business Ownership, n.d.). Partnership It is the partnership that is liable for business expenses and liabilities. Regardless
of how many new partners may have come into the business or old partners left it during the period covered by the note, the partnership is responsible for meeting its
obligations. Under the partnership structure, principals are personally liable for debts incurred by the partnership. The structure in that sense is comparable to the sole proprietorship, in which
the sole proprietor - the sole business owner - is personally responsible for business debts. Those involved in partnerships - or contemplating forming
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