Posted: July 17th, 2015

Business forms worksheet

There are ten forms of business: sole proprietorship, partnership, limited partnership, limited liability partnership, limited liability limited partnership, limited liability company (including the single member LLC), S Corporation, Franchise, C-Corporation and Nonprofit-Corporation. Research and provide two advantages and two disadvantages for each business form. What are the tax ramifications of the entity? How is it formed? Provide a 100- to 200-word summary in which you provide an example business that you would start for each form. What is legally necessary to file in order to form that business? Discuss at least one of the advantages and one of the disadvantages of that form. You must select a business that would be best for that particular business entity and no other. Defend your position.