Question

Answer this in the discussion below: If you could have any one of the three main...

Answer this in the discussion below: If you could have any one of the three main business types (sole proprietorship, partnership, or corporation), which would it be? Why? What are the advantages or disadvantages as you see them?

Business   Finance   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Between the three forms of organisation i would set up a sole proprietorship. The first benefit is that it is simple to establish and there are minimum legal formalities involved. It will give me complete control over the business and I will be the sole owner of the profits as well as sole decision maker of the business.

However the biggest disadvantage of a sole proprietorship is that it comes with unlimited liability and hence my personal assets would be used to pay of business debts in case of insolvency. Also the funds will be Limited to the amount of capital that I can arrange.

Yes I will believe that a sole proprietorship is a good form of organisation to begin with due to the ease of operations.

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
13. Which of the following statements is CORRECT? Group of answer choices One of the disadvantages...
13. Which of the following statements is CORRECT? Group of answer choices One of the disadvantages of incorporating a business is that the owners then become subject to liabilities in the event the firm goes bankrupt. Sole proprietorships are subject to more regulations than corporations. In any type of partnership, every partner has the same rights, privileges, and liability exposure as every other partner. Sole proprietorships and partnerships generally have a tax advantage over many corporations, especially large ones. Corporations...
A sole proprietorship, a corporation and an LLC are three common entities that are employed by...
A sole proprietorship, a corporation and an LLC are three common entities that are employed by entrepreneurs when starting a business. When weighing the advantages and disadvantages of these three entities, which do you think is the more advantageous business formation for an entrepreneur? Why? Feel free to suggest an alternate business entity if you so desire, but be specific as to why your choice would be more advantageous.
This is just a discussion post from my classmate. I just need to respond. Based off...
This is just a discussion post from my classmate. I just need to respond. Based off of what is written, please answer with a simple analysis of what's written. (example: Interesting post, I see that...) 1. Discuss each of the following business entity types including ownership, financial and legal and tax issues related to each type. Sole Proprietorship A sole proprietorship is owned by only one person and the firm and the owner are considered one and the same from...
1. The Financial Management Decision Process. What are the three types of financial management decisions? For...
1. The Financial Management Decision Process. What are the three types of financial management decisions? For each type of decision, give an example of a business transaction that would be relevant. 2. Sole Proprietorships and Partnerships. What are the four primary disadvantages to the sole proprietorship and partnership forms of business Page 19organization? What benefits are there to these types of business organization as opposed to the corporate form? 3. Corporations. What is the primary disadvantage of the corporate form...
Prep Work Once you have a good feel for the different types of business structures, you...
Prep Work Once you have a good feel for the different types of business structures, you should be able to narrow the choice for your specific business idea down to a couple. Think about the different structures and your own situation. See if you can narrow down your thoughts to the one best for you. For example, sole proprietorship or partnership--a sole proprietorship has the most control and it's really easy to make a decision but a partnership has a...
Organizing a Business To the owners of a business, the form of business organization is of...
Organizing a Business To the owners of a business, the form of business organization is of great importance. Whether a business is organized as a sole proprietorship, a partnership, or a corporation, the form will have a real impact on taxes, the distribution of profits, the ownership and control of the business, as well as the liabilities of the business owners. Making the right decision about how to organize is crucial to the long-term profitability of most organizations.   Which types...
If you were to start a business today, what business form would you choose if considering...
If you were to start a business today, what business form would you choose if considering a corporation, partnership, LLC, or Sole Proprietorship? Provide at least three reasons for your selection.
Pretend you are opening a new business. What would this business be? Tell us why you...
Pretend you are opening a new business. What would this business be? Tell us why you chose this business. Would it be a sole proprietorship or would you set up a partnership or maybe a corporation? Give me a reason why you chose this structure.
Discovering Career Opportunities Are you best suited to working as a sole proprietor, as a partner...
Discovering Career Opportunities Are you best suited to working as a sole proprietor, as a partner in a business, or as an employee or a manager in a corporation? For this exercise, select three businesses with which you are familiar: one run by a single person, such as a web design consultant or a local landscaping firm; one run by two or three partners, such as a small accounting firm; and one that operates as a corporation, such as Target...
7. Two analysts are overheard discussing technical trading rules. One says, "I have noticed over the...
7. Two analysts are overheard discussing technical trading rules. One says, "I have noticed over the last year or so that the market rises to about 11,000 and then falls back. It seems to do that every two to three months. At the bottom, it goes to about 10,000 and then rebounds. It's sort of like watching a roller coaster." The market consistently staying in a band between 10,000 and 11,000 is most likely to be used as evidence against...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT