Choose which business form — sole proprietorship, "S" Corporation, "C" Corporation, LLC, 501(c)(3) — you would use for one of the following businesses that you would like to own if you could:An online shoe store with best friendA community fresh produce marketParalegal consulting servicesCatering business — three acquaintances who met on a food websiteTechnology consulting services3 Guys and a Girl Car RepairBookkeeping business — five accounting graduates' startupInteractive gaming design with two family membersSecondhand clothing consignment shop with one dressmaker and a seamstressHome services business — large business with one knowledgeable owner and one banker/investorFood truck franchiseRespond to the following questions:Explain:Which of the 11 business types did you choose from the list above?Who are the owners/founders besides yourself, if any?Who are your potential customers?What makes your business unique in the marketplace?What are the strengths? After you choose a business form, explain the following:What are the strengths or benefits of this type of business form concerning taxes and liability, based on the type of ownership and customer?What are the weaknesses? Do you need a board of directors? What are the pitfalls of this type of structure and why, based on the type of business being conducted?

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Foundations of Business (MindTap Course List)

6th Edition

ISBN:9781337386920

Author:William M. Pride, Robert J. Hughes, Jack R. Kapoor

Publisher:William M. Pride, Robert J. Hughes, Jack R. Kapoor

Chapter15: Using Management And Accounting Information

Section15.5D: Liabilities And Owners’ Equity

Problem 3CC

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Choose which business form — sole proprietorship, "S" Corporation, "C" Corporation, LLC, 501(c)(3) — you would use for one of the following businesses that you would like to own if you could:

An online shoe store with best friend
A community fresh produce market
Paralegal consulting services
Catering business — three acquaintances who met on a food website
Technology consulting services
3 Guys and a Girl Car Repair
Bookkeeping business — five accounting graduates' startup
Interactive gaming design with two family members
Secondhand clothing consignment shop with one dressmaker and a seamstress
Home services business — large business with one knowledgeable owner and one banker/investor
Food truck franchise

Respond to the following questions:

Explain:

Which of the 11 business types did you choose from the list above?
Who are the owners/founders besides yourself, if any?
Who are your potential customers?
What makes your business unique in the marketplace?
What are the strengths? After you choose a business form, explain the following:
What are the strengths or benefits of this type of business form concerning taxes and liability, based on the type of ownership and customer?
What are the weaknesses? Do you need a board of directors? What are the pitfalls of this type of structure and why, based on the type of business being conducted?

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Which of the 11 business types did you choose from the list above? Who are the owners/founders besides yourself, if any? Who are your potential customers?