The first step in setting up a new company is choosing among the different types of business ownership. The business structure one chooses influences everything from day-to-day operations, to taxes, to how much of one’s personal assets are at risk. One should choose a business structure that gives one the right balance of legal protections and benefits.
What questions should be asked in determining the appropriate forms of business ownership for a business?
What are the advantages or disadvantages of sole proprietorship and partnership forms in an organization? Would you use a sole proprietorship in your business in the future? Why or why not?
What are the different types of partnerships? Why is the partnership agreement important? Would you use a partnership in your business in the future? Why or why not?