Best Business Type for Family First Farm
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Family First Farm was founded in 2006 by the Douglas family. Because it was a small family business, Oliver Douglas decided to keep things simple and operate as a sole proprietorship. Mr. Douglas is concerned that the business has grown too much for one owner and some of the issues the business faces could affect his personal assets. What options are available for Mr. Douglas and Family First Farm? Select the business type you believe is best for Family First Farm and support your decision.
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This section contains the question to be addressed in the memorandum. The issue should be phrased in the form of a question. Avoid providing the answer as part of the question.
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Solution Summary
Family First Farm was founded in 2006 by the Douglas family. Because it was a small family business, Oliver Douglas decided to keep things simple and operate as a sole proprietorship. Mr. Douglas is concerned that the business has grown too much for one owner and some of the issues the business faces could affect his personal assets. What options are available for Mr. Douglas and Family First Farm? Select the business type you believe is best for Family First Farm and support your decision.
# 1
This section contains the question to be addressed in the memorandum. The issue should be phrased in the form of a question. Avoid providing the answer as part of the question.
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As a sole proprietor (SP), the owner currently has no liability protection. The farm has grown considerably and some of the issues of the business could affect his personal assets, but we see no mention of a desire to bring in a partner. Because Oliver is mainly concerned with liability issues and will continue to operate the farm by himself, he would want to change the business into a limited ...
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