What Are The Types Of Business Organizations ( Sole...

The Cardigans want to expand their business ventures. Cora and Caley have discussed the idea of operating a home dà ©cor store with the Cardigan family logo on the goods. The idea behind this type of business is to advertise goods that will make consumers feel that their homes represent a Cardigan lifestyle. The Cardigans would like decide what to name their new business, as it is so different from their usual business variations of clothing and sweaters. Some of the names they have come up with include Homigans Fine Home Furnishings and Cardihome Furnishings. Legal Questions 1. What are the pros and cons of three main types of business organizations (sole proprietorship, partnerships, and corporations) and which would be the best type to pursue? 2. Are the names that the Cardigans have suggested, wise choices for their proposed business? What issues may be present if they use either of these names? 3. According to California laws and the type of business you have recommended for the Cardigans, what type/s of filing requirements will Cora and Caley need to fulfill? Answers to Legal Questions What are the pros and cons of three main types of business organizations (sole proprietorship, partnerships, and corporations) and which would be the best type to pursue? Some sole proprietorship pros would be; owner is in complete control and receives all the profits, flexibility, ease of creation and maintenance. Some cons would be; the owner is personally liable for all torts andShow MoreRelatedFin 571 Business Structures Essay650 Words   |  3 PagesBusiness Structures Krista Harvell FINANCE 571 July 01, 2013 Mario Ducret Business Structures There are four main forms of business structures. The structures of business differentiate based on liability, tax implications, and what type of business is being evaluated when determining what structure to use. 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As their company was sole proprietorship ran by their dad, LLC offers some advantages of a corporation, as well as some advantages of a sole proprietorship. â€Å"A limited liability company, commonly called an LLC, is a business structure t hat combines the pass-through taxation of a partnership or sole proprietorshipRead MoreEssay Entrepreneurship1567 Words   |  7 Pagesthe term Entrepreneurship and the challenges of starting a small business Entrepreneurship is the dream of a lifetime for most individuals. The idea of being in control on ones financial future by establishing, owning, and operating their own business has driven most individuals in the direction of Sole Proprietorships. Most plunge in looking at the advantage and over looking the disadvantage and challenges of Sole Proprietorships. 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