Choice of Business Entity
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Select an industry in the United States. What type of business organization would be best suited for that industry? Address factors such as ease of formation, ability to raise capital, limitation of individual liability, and cost, including tax considerations.
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Solution Summary
This solution addresses the choice of business entity for a construction company. It addresses the ease of formation, legal liability, tax, and maintenance cost aspects.
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The limited liability company is best suited to the construction industry. It is very easy to form; all that is needed is an operating agreement (essentially, a contract between the members containing items such as the name of the business, its purpose, the members (or owners), the life of the company, profit- and loss-sharing provisions, events which can terminate the company, and any special legal provisions). If the limited liability company is registered with the state, generally the company need file a one or two page form and pay a nominal amount of money. Because each change of ...
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