Help me with this question (4 types of leadership styles: sole proprietorship, p
ID: 344344 • Letter: H
Question
Help me with this question (4 types of leadership styles: sole proprietorship, partnership, corporations and franchise)
Joe wants to quit his job and start up his own business. He is 100% certain he is going to win the lottery in 5 years so he is only interested in having his business for the next 5 years. His other friends have told him that he could save a lot of money on income taxes if he started his own business. He doesn’t know how to set up his business form so he is coming to you for assistance. Given what Joe has told you, what business form would you recommend? Please explain to Joe why you are recommending this business as well as the advantages and disadvantages of this business form.
Explanation / Answer
Partnership would be the best form of business for Joe. This helps him set up the business with partners and after five years he can stop being active partner and continue as a sleeping partner. This helps him carry out his dream. save money, can share risks with partners and stop working like he want after 5 years. Hence this will the best option for JOE.
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