LAW 531 Week 2 Business Forms Worksheet

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LAW 531 Week 2 Business
Forms Worksheet


There are seven
forms of business: sole proprietorship, partnership, limited liability
partnership, limited liability company (including the single member LLC), S
Corporation, Franchise, and Corporation.

1. Research and provide
three advantages and three disadvantages for each business form.

2. 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.

Sole
Proprietorship

Advantages

1.

2.

3.

Disadvantages

1.

2.

3.

Summary

Partnership

Advantages

1.

2.

3.

Disadvantages

1.

2.

3.

Summary

Limited
Liability Partnership

Advantages

1.

2.

3.

Disadvantages

1.

2.

3.

Summary

Limited
Liability Company, (including the single member LLC)

Advantages

1.

2.

3.

Disadvantages

1.

2.

3.

Summary

S Corporation

Advantages

1.

2.

3.

Disadvantages

1.

2.

3.

Summary

Franchise

Advantages

1.

2.

3.

Disadvantages

1.

2.

3.

Summary

Corporation

Advantages

1.

2.

3.

Disadvantages

1.

2.

3.

Summary
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