Think of a business concept that would be appropriate for each of the following:
1) a sole proprietorship
2) a corporation
3) a limited liability company
In your answer address the pros and cons of the business type (sole proprietorship, Corporation, LLC) and why you the believe the business concept you choose best suits that business type. You must list at least 3 pros and 3 cons for each business type.

Question

10-05-2021
Business

contestada

Think of a business concept that would be appropriate for each of the following:
1) a sole proprietorship
2) a corporation
3) a limited liability company
In your answer address the pros and cons of the business type (sole proprietorship, Corporation, LLC) and why you the believe the business concept you choose best suits that business type. You must list at least 3 pros and 3 cons for each business type.

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azikennamdi azikennamdi · Answer 1 · 2021-05-11T15:47:37+02:00

Answer:

Sole Proprietorship: The business concept that would be suitable for this type of business would be a roadside Fruit Juice Processing business. This involves different blends of organic fruits being blended into one smooth syrup sometimes called a smoothie.

This type of business is better registered under a Sole Proprietorship because, it is almost always carried out by those who are self-employed.

Pros:

It is easy to set up and has low operational and corporate cost
It enjoys zero corporate business taxes
they are not required to submit annual filings

Cons:

The liability is unlimited and unrestricted. This means if there is litigation against the business, the business owner if found culpable will have to defray all amounts due even with his or her personal assets if the business is unable to meet that obligation
This type of business structure will find it difficult to raise money due to the potential liability exposure
Also the sole proprietor may be unable to take on business debt

2. A Limited Liability Corporation: The business concept that would be suitable for this type of entity is a Fast Food Franchise like Tastee Fried Chicken. This sort of business will involve processing chicken and other kinds of foods into wholesome dishes.