Business Law
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.
Part 1:
Write an 525-word response to the following:
- Select one of the forms of business identified above.
- Research and provide three advantages and three disadvantages for this business form.
Part 2:
Write six 175-word summaries, a total of 1,050 words, in which you provide the following:
- Choose an example business for each of the remaining forms of business listed above.
- Discuss at least one of the advantages, one of the disadvantages, and the potential legal forms that might be required for each of the remaining forms of business listed above.
Cite a minimum of 3 scholarly references.
Answer Preview
Business are run by one individual or a chain of owners. These businesses differ in their way of working and decision making. A sole proprietorship is a business that is run and owned by one person. There is no difference between the owner and the manager of the business…
(1961 Words)