Assume that you are planning to open your own business. Describe your business and complete the matrix pertaining to the various types of legal business structures available to your start-up businesses. Identify the resources you use in your research and present them in proper APA format in the references section at the end of the worksheet.
Describe your chosen business here: the business will be a boutique.
After the undertaking of the market research to verify whether the selected business will meet the needs of the people, the legal business structures that will be used will have to be selected. The two issues that are often faced by the start up entrepreneur is the lack of the relevant knowledge with the regards to the needs of the business and the legal structures that are required for the business. In this case scenario the established business venture will be a boutique. It is imperative to note that legal structure that will be adopted for this kind of business will have to be inline with its operations. This will ensure that all the legal requirements complement the activities of the company giving it a suitable business environment that will enhance its chances of making profits. There are diverse business structures that can be utilized in the start-up process and the nature of this business will only allow the use of the following business structures the sole proprietor, limited liability companies and the corporation. These structures will be suitable based on the fact that it is an individual setting up the boutique (Legal Business, 2009).
Sole Proprietor Business Structure:
This is a simple legal business structure that has viewed to the equal to the owner. In the establishing of the boutiques through the sole proprietor business structure, the expenses incurred will be less in the ...
The solution discusses the advantages and disadvantages of each business structure.