BUS 311-Choosing Your Business Entity Wk 4 Assignment

Changing Times Makes for Changing Business Structure

            Have you ever been shopping for the perfect pair of shoes; a pair that is comfortable and fits just right? Shoes that do not hurt your feet at the end of the day or make your toes cry out for relief? Generally most folks know that in order to find that perfect pair they have to try on many different types. The same goes for a business structure. In order to find the perfect business structure, one has to find the right structure that fits for their business type. When choosing a business structure to fit your perfect business one needs to know what their choices are. If you or I were to start a business, which business entity would we use and why is that structural form the best? Do we choose a sole proprietorship, partnership, corporation, or perhaps a limited liability company (LLC)? Having a comparison of the different structures in which to choose from and the steps it takes to form them will help us in making a wise decision. Is there personal liability to the owners’ and what about the taxes, where doxxxxxxxxxxxxxxxxxxxxxxxxxxxxxes that responsibility lay? In addition what are the advantages and disadvantages of the four structures already mentioned? This does not merely need to be my opinioxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxn, use the information to decide for you when creating your perfect business structure.   

            When and if I were to start my own business, the business entity that I would choose would be a sole proxxxxxxxxxxxx -- in other words, if you're starting yourself up with your own savings” (para. 4). As a new business owner I am usxxxxxxxxxxxxxxxxxxx the money that I saved to start up my business. This way I owe no one; I am depending only on myself. This can still be a risky decision as we explore further into this type of structure.