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Discussion #1: Business Forms Choose which business form (sole proprietorship, \"S\" Corporation, \"C\" Corporation, LLC, 501C3) you...

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Mechanical Engineering

Discussion #1: Business Forms

Choose which business form (sole proprietorship, \"S\"Corporation, \"C\" Corporation, LLC, 501C3) you would use forone of the following businesses that you wouldlike to own if you could:

  • Shoe store with best friend

  • A community fresh produce market

  • Paralegal consulting services

  • Catering business — three acquaintances who met on a foodwebsite

  • Technology Consulting services

  • 3 Guys and a Girl Car Repair

  • Bookkeeping business — five accounting graduates' startup

  • Interactive gaming design- two family members

  • Second hand clothing consignment shop-(one dressmaker and aseamstress)

  • Home services business- large business with one knowledgeableowner and one banker/investor.

  • Franchise food business

2. Explain:

  • Who are the owners/founders besides yourself if any?

  • Who are your potential customers?

  • What makes your business unique in the marketplace?

3. What are the strengths? After you choose a business form,explain the following:

What are the strengths or benefits of this type of business formconcerning taxes and liability based on the type of ownership andcustomer?

4. What are the weaknesses? Do you need a Board of Directors?What are the pitfalls of this type of structure and why based onthe type of business being conducted?

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