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Read the article entitled "Which Legal Form Is Best for Your Business?" using the link provided...

Read the article entitled "Which Legal Form Is Best for Your Business?" using the link provided here http://www.inc.com/articles/2000/06/19438.html (Links to an external site.) Choose one of the legal formats listed and give 3 advantages and 3 disadvantages of utilizing it.

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Answer #1
  • Starts up firms require such legal form which is inexpensive and simple. Initially, legal forms should be simple and that can go long way in assisting business. Hence, sole proprietorship and partnership legal forms are well suited for small size business firm.

Following are advantages of partnership firms:

  • Profits and losses are shown in the personal income of partners.
  • This is relatively simple and inexpensive.
  • Owners have limited liabilities.

Following disadvantages:

  • Owners are personally liable for business debt.
  • It does not suit to large size firms.
  • Lack of harmony among the partners may lead to the dissolution of firm.
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