LIT 1 Task 1 700 WORDS PAPER OLD PAPER - 77712

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There are advantages and disadvantages to the various ways to structure a business. One of the first steps in making an entrepreneurial business opportunity a reality is deciding which form to select (Hirsh, Peters, & Sheppard. 2005). One may select a sole proprietorship, partnership, Corporation, or limited liability company depending on the criteria most important for the new owner. Some options offer advantages, weighed against other options disadvantages.


Sole proprietorships have the advantage of being the simplest form of business structure (Klein, 2006). Ideally, this form of business suits the individual who alone takes on all decisions and responsibilities. A sole proprietor is eligible for all the profits after paying expenses. One mus