As was learned this week, the first step in setting up a new company is choosing among the different types of business ownership. The business structure one chooses influences everything from day-to-day operations, to taxes, to how much of one’s personal assets are at risk. One should choose a business structure that gives one the right balance of legal protections and benefits.
- What questions should be asked in determining the appropriate forms of business ownership for a business?
- Describe the sole proprietorship and partnership forms of an organization and specify the advantages and disadvantages.
- Identify the different types of partnerships, and explain the importance of a partnership agreement. (Cite and reference).