Lgal Forms Paper

Legal forms of Business Paper
Business Law
LAW 531

Legal forms of business paper

      Within this paper we will discuss several different legal forms a person can decide to go with when deciding to open a business. As we know when becoming a business owner several thins has to be looked upon.   One of the options to look at when starting a business is Sole Proprietorship. Sole proprietorship means having a business and being the sole owner or one person owning the business. A business is started as a toy store. This toy store would carry all different kinds of products that would attract both children and adults. The products would vary on what products would be carried within the store (my own business.org). As a sole proprietor they would have unlimited liability for all debts of the business, and the income and or losses of the business which will need to report on all personal income tax returns completed along with all income, and or expenses that would be reported on a regular basis. By being a sole proprietor, this allows the owner to avoid the expense of going into a partnership or big corporation. Most small businesses start this way. Some of the advantages of being a sole proprietorship owner would be having your own business, not having the expense of having to pay employees for their time worked, all profits would be all for the sole proprietor of the business and nothing   to   share with another owner within the business. Some of the disadvantages of being in a Sole proprietorship would have to handle all entities within the business with none of the work being shared. Other disadvantages would be not being able as a business owner to step away from the business to relax or take a break from the business or liabilities. Being the primary owner within there would not be any kind of employee disputes of any kind to resolves unless it is with one’s own self which is very doubtful. The only problem I would think could be a challenge for a sole...