Business Forms Worksheet 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. Research and provide three advantages and three disadvantages for each business form. Provide a 100- to 200-word summary in which you provide an example business that you would start for each form. What is legally necessary to file in order to form that business Discuss at least one of the advantages and one of the disadvantages of that form. Sole Proprietorship Advantages Lower start up cost Fewer government rules Easy tax filing Disadvantages Responsible for all debts Difficult to get outside investors for expansion Being completely in charge of finances could lead to complacency of record keeping Summary In order to start a sole proprietorship, the only real requirement is to provide a good or service and not be employed by any other company during the execution of the good or service. An example of a sole proprietorship that I would start would be a consulting firm because it requires very little money to get started, and it does not need an actual store front to operate out of. The biggest difficulty in starting this business would be future expansion. It would be very difficult to secure funding to hire more consultants, which means income will be limited by how many hours I can work. Partnership Advantages Risk is shared by all partners Access to diverse skill sets Easy formation Disadvantages Unlimited liability Responsible for the actions of all partners Entering or leaving the partnership requires approval of all current partners Summary In order to form a partnership, the only stipulation is the voluntary association of two or more individualsas co-owners in a for profit business. The most prevalent form of a partnership is that of a law firm, andthis is the type of partnership I would like to form as well. The reason for this is because, as lawyers, it would be fairly easy to navigate the paperwork for the partnership, and it would be easy to expand the scope of the business later. The one downside is that it would be very difficult to leave the firm and start a new one. Limited Liability Partnership Advantages Flexibility in contributions to the business Not responsible for acts of partners or employees outside of your direct control Not responsible for company debts, except for personal guarantees Disadvantages They are not recognized in every state These cannot be a single person entity Partners are not obligated to consult with other partners for decisions Summary In order to be recognized as a Limited Liability Partnership, the business must file articles of limitedliability partnership with the Secretary of State for the business home state. In addition, limited liability partnerships are usually limited to professional groups, such as lawyers and doctors. I would start a limited liability partnership as a doctors office comprised of different specialists so they can all contribute in their area of expertise. The one downside for these businesses that if one partner has an issue, it could potentially ruin the reputation of all the other partners in the office.Limited Liability Company, (including the single member LLC) Advantages Can be a single person with all the benefits of a sole proprietorship Limited personal liability Easier to set-up and maintain that other corporate entities Disadvantages Some states tax LLCs but not partnerships Members are required to pay self-employment taxes There is a lack of uniformity amounts states for LLC statutes Summary To start a limited liability company, the business only has to deliver articles of organization to the Secretary of State for the business home state. Because of the protection of limited liability, the best type of store to open as a limited liability company is a retail store. If the business is not profitable or ifsomeone
Daniel Fan Yang Bryan Parkhurst Music Hum Paper 3 April 29th 2015 The Beauty of Atonal Music Stravinsky’s music is disconcerting and disagreeable. No doubt it wanted to resemble the barbarous choreography (Kelly, 2013, p.407). – Adolphe Boschot Last week, the Juilliard Orchestra performed four pieces of music during their concert: Claude Debussy’s Prelude to the Afternoon of a Faun, Igor Stravinsky's Symphonies of Wind Instruments…
“But who prays for Satan? Who, in eighteen centuries, has had the common humanity to pray for the one sinner that needed it most?” Mark Twain It has been said that “All modern American Literature comes from one book by Mark Twain called ‘Huckleberry Finn’”. The book tells the readers about the culture and gives an understanding of the South before the Civil War. Religion in the southern United States has always been very important to the citizens. Mark Twain, in the novel, demonstrates his own personal…
Blue Ocean Strategy Terrica L. Brown MKT/421 January 8, 2015 Walter Crockett Blue Ocean Strategy The blue ocean strategy is considered the approach in marketing to develop and built business based on an unknown market. The blue ocean strategy is based upon a company that is built for a new market. This will allow a firm to grow within the community and offer a new product or services to customers. According to Chan and Mauborgne (2004) “There are two ways to create blue oceans strategy”. The…
Huntington’s Disease Aaron Bliss Debbie Schreppel MR103 October 22, 2012 Table of Contents Cover Page1 Table of Contents2 Huntington’s Disease Research Paper3-6 Works Cited7 Aaron Bliss Debbie Schreppel MR103 October 22, 2012 Huntington’s disease Huntington's disease (HD), or previously Huntington’s chorea, is a neurodegenerative genetic disorder that affects muscle coordination and leads to cognitive decline and dementia. It usually becomes noticeable in middle age. HD is one…
The start of the 21st century has seen the use of expanded powers by Governments in the light of high profile terrorism attacks such as the Bali bombings and the September 11 attacks on the World Trade Centres. In light of the terrorist attacks, the Government has proposed to introduce new surveillance powers that would “advance” Australia national security. However some have rejected the notion that these new surveillance powers should be introduced and further argue that there are underlying 7motives…
Introduction Emma is a 15 year old diagnosed with anorexia nervosa (AN). The aim of this report is to take a holistic approach to examining the impact of this diagnosis will have for Emma, encompassing the physical/ biological, intellectual, social, emotional and spiritual aspects of her life that will be affected .It will also examine the OT role and its ability to help Emma through intervention and the OT process. The report aims to examine what an OT, and do with a referral like Emma’s and the…