Explain the following business structures: sole proprietorship, partnership, LLC, and a corporation.
Multimedia activity: Business Organization
Visit the Choose Your Business Structure section of the U.S. Small Business Administration’s website.
If you were to start your own business, which business entity structure would you choose? Justify why your chosen structure is the best organizational form.
Explain the following business structures: sole proprietorship, partnership, LLC, and a corporation. In your analysis address the following for each business structure:
- Steps to form
- Personal liability for owners
- Advantages and disadvantages
Your paper must be three to five pages (excluding title and reference pages), and it must be formatted according to APA style as outlined in the Ashford Writing Center. You must cite at least two scholarly sources in addition to the course textbook..
Carefully review the Grading Rubric for the criteria that will be used to evaluate your assignment.
- Essentials of Business Law:
- Chapter 11: Personal and Real Property
- Chapter 13: Business Organizations
- O’Leary, H., & Lloyd, S. M. (2004). Governance in the spotlight: What the sarbanes-oxley act means for you. Trustee, 57(8), 15. Retrieved from the EBSCOhost Database.
- DeAngelis, M. (2012, February 15). Business Entities. Hartford, Connecticut, USA. Accessed via: http://legalstudiesclassroom.blogspot.com/2012/02/business-entities.html