FIN571 FIN/571 Business Structures Week 1
Watch the “Your Business Structure” and “Corporate Business Structures” videos on the Electronic Reserve Readings page.
Identify the different business structures.
Write a 350- to 700-word explanation of how each business structure might and might not be advantageous.
Cite your references appropriately (at least 2)
Different Forms of Business Structures
When starting a business, owners must consider the different forms of business structures such as Sole Proprietorship, Partnership, and Corporation. Each business organization type has different requirements such as tax issues, legal issues, financial, and personal concerns. The following paper will offer an overview of each business structure, including advantages, disadvantages, and implications.
A sole proprietorship is a business owned by one person. There is one person who owns the business and is financially responsible for all debts. “Sole Proprietorships are the most numerous form of business organization in the United States, however they account for little in the way of aggregate business receipts” (Types of Business Organization, 2013).