Business Forms
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Business Forms
Celeste Macklin
University of Phoenix
LAW 531
Craige Harrison
January 19, 2012
In considering forms of business such as sole proprietorship, partnership, limited liability partnership, Limited Liability Company, S corporation, franchise, and corporate form, the scenarios of each form of business is listed below. In addition, the scenarios will enable individuals to further understand the relevance of the business forms.
Sole proprietorship is owned and operated by one person. This type of business form is easy to form. Many individuals that form this type of business is also called an entrepreneur. The owner of a sole proprietorship has unlimited liability. The scenario for this form of business is a person that decides to open a wedding planning firm. This firm can easily be started and, the owner has full control over the business. Little or no capital is needed to complete this business; however what are needed is clientele and a website. The sole proprietorship is best for this form of business.
A partnership is where individual investors or friends may enter ship agreement to open or construct a business. The individuals within the partnership agree by signing the agreement that is registered to continue to contribute capital, knowledge and skills as well as share in the profits of the company. The business will have more than one sole owner which will enable the organization or business to obtain investor support and, individuals that are qualified.
The scenario for this form of business venture includes three college friends that always wanted to see themselves as business owners. They decide to open up a Gentleman’s Spa. Gentleman spas specialize in men receiving fresh shaves, haircuts, shoe shines, tailoring, manicures etc. Each person within this business is responsible; the skills of others within the business compliment those skills of the other partners....
Celeste Macklin
University of Phoenix
LAW 531
Craige Harrison
January 19, 2012
In considering forms of business such as sole proprietorship, partnership, limited liability partnership, Limited Liability Company, S corporation, franchise, and corporate form, the scenarios of each form of business is listed below. In addition, the scenarios will enable individuals to further understand the relevance of the business forms.
Sole proprietorship is owned and operated by one person. This type of business form is easy to form. Many individuals that form this type of business is also called an entrepreneur. The owner of a sole proprietorship has unlimited liability. The scenario for this form of business is a person that decides to open a wedding planning firm. This firm can easily be started and, the owner has full control over the business. Little or no capital is needed to complete this business; however what are needed is clientele and a website. The sole proprietorship is best for this form of business.
A partnership is where individual investors or friends may enter ship agreement to open or construct a business. The individuals within the partnership agree by signing the agreement that is registered to continue to contribute capital, knowledge and skills as well as share in the profits of the company. The business will have more than one sole owner which will enable the organization or business to obtain investor support and, individuals that are qualified.
The scenario for this form of business venture includes three college friends that always wanted to see themselves as business owners. They decide to open up a Gentleman’s Spa. Gentleman spas specialize in men receiving fresh shaves, haircuts, shoe shines, tailoring, manicures etc. Each person within this business is responsible; the skills of others within the business compliment those skills of the other partners....