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?
