Assignment Steps

Develop a 1,050-word evaluation describing business structure and financial statements, including the following:

• Identify and describe the legal categories of a business organization contrasting tax-related advantages and disadvantages.
• Next, using your entrepreneur skills, consider starting your own business. What business structure would you choose and why?
• Discuss financial statements for the chosen business structure, then explain with specific examples from the University Library, how these would help you make decisions about your business.

Cite a minimum of two peer-reviewed references.

Format your paper consistent with APA guidelines.

Answer preview

One of the most important thing before thinking about opening any business is deciding about the structure of the business. Any business must have a legal configuration that state ownership of the business, how it’s controlled, personal liability, and financial structure. This does not only benefit the government for tax purposes but also facilitate an efficient operation of the business. The structure of a business can be in form of a sole proprietorship, partnership, or corporation. When one start any of these business structures, it is imperative to understand and correctly interpret the basic financial statements used since this is essential in making sound decisions for the business.

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