Partnership

Sole Proprietorship to Partnership

Eric M. Amos

AIU Online

Abstract

Reading the business scenario that was giving I can tell that this company can be a sole proprietorship or partnership depends on how you will likely see it. Becoming a corporation can be a little off but will have some options on that. Describing some of the disadvantage and advantages that scenario may have as a business legal form. I will make a management decision about this scenario based on what I have learned and read. If the decision comes to a sole proprietorship I will give the steps and action that is need to be giving, and the same will go as for partnership and corporation.

Sole Proprietorship to Partnership

Knowing the financial standing of my situation I want to know what are some ways of starting your business hard thinking I have to choose three of the legal forms of business, which is sole proprietor, partnership, and corporation. With the conclusion a business management decision will be made on what I have learned. With this I will learn exactly how my business will be run and startup.

Starting up on by is been hard to come by, looking a few websites and reading a lot of articles, make a company as a sole proprietor meaning I will be owner and run the company the way I want to which is a good idea, but every that goes wrong all legal aspect will all on me. According to an article by the Poznak law firm there are advantages and disadvantages in being a sole proprietor. They say that one good thing about sole proprietor is that I’m avoiding a lot of taxation and it can be deducted from your taxes. The disadvantage of becoming a sole proprietor is that you may have to pay more on incomes taxes. Plus I’m more responsible for all financial situations (Planning The Legal Structure of Your business). Becoming a sole proprietor requires you to sign specific forms, and pay any fees that is required to start, depends on the regulation of the your state (The...