There are seven forms of business: sole proprietorship, partnership, limited lia

Question

There are seven forms of business: sole proprietorship, partnership, limited liability partnership, limited liability company (including the single member LLC), S Corporation, Franchise, and Corporation. 1. Select one of the forms of business 2. Research and provide three advantages and three disadvantages for this business form. 3. Provide a 100- to 200-word summary in which you provide an example business for each form. Discuss at least one of the advantages and one of the disadvantages of that form and potential legal forms that might be required.

Explanation / Answer

So as to kickstart a sole proprieteorship, the main requirement happens to be in a position to provide either a good or a service. The individual cannot be employed with any other company or an organisation during this period of execution. The best example in this case would be starting a consulting firm as there are no basic requirements of financial investment so as to stat the firm. Moreover it does not a brick and motar store front to come into operation. The major difficultu here would be to expand the firm as hiring a number of consultants, which limits the income. hence major sources of funding has to be secured.

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