Legal Forms of Business
There are different business forms that exist depending with the legal attributes that govern them. These business forms have their advantages making them preferred to others in different scenarios. The paper discuses different forms business describing a scenario where preference of these business forms arises.
Sole Proprietorship
This is the simplest and cheapest form of business. Sole proprietorships have unlimited liability since the owner is responsible for all debts accruing to the business (Cheeseman, 2010). In this instance, as much as the profits are shared by the owner alone personal assets of the owner can be used to pay the debt owed. The preference for coming up with a sole proprietorship business is seen in the process of decision making, rising of capital and legal requirements such as registrations and reporting. Considering that an individual wishes to open and run a business, the legal requirements will include paying the license associated with the business running and registering the business name. The profits of the business need not be reported separately from those of the individual thus making operation cost lower. Formation of a sole proprietorship requires little capital to start and, additions or reduction to capital can be done with no further legal requirements.
Partnership
A partnership is a form of business where persons come together to share in operational responsibilities. The partners also share the liability of the business. Similar to the sole proprietorship, this form of partnership is...
Legal Business Form Implemented at Treme Legal Form of Business for Treme When an entrepreneur starts an industry, he or she should always have a vision of what their business should be like and in most cases, this is done through looking at the positives that will bring success and good fortune to the business. It is very essential for an entrepreneur to have information and know how to use good production
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