What are the different legal forms of organization used for small businesses

What are the different legal forms of organization used for small businesses, and what are the factors that influence which choice to make?

What are the different legal forms of organization used for small businesses

STUDY MATERIALS
Textbook Readings
●      Review Chapter 8 (especially pp. 204-211, “Common Legal Forms of Organization”) in Longenecker et al., Small Business Management.

●      Read Chapters 10-13 in Longenecker et al., Small Business Management.

ACTIVITIES
Module 3 has two activities. Please consult the Course Calendar for the due dates.

Written Assignment 4
In Written Assignment 4, respond to the following question.

Firstly, What are the different legal forms of organization used for small businesses, and what are the factors that influence which choice to make?

Written Assignment 5
Secondly, Submit a fully developed essay in response to each of the following questions. Note that there is a suggested length for each question.
Thirdly, Explain how various financial statements are used in management’s development of the business plan. Be specific. (Suggested length: 150 to 200 words)

 

Fourthly, Explain how financial information can guide an entrepreneur in making important forecasts. Be specific. (Suggested length: 100 to 200 words)

 

Further, How can the nature of a small business affect its sources of financing? Give examples to illustrate your points. (Suggested length: 150 to 200 words)

 

Additionally, In negotiating a bank loan, a small business owner must consider the terms that will accompany the loan.

Lastly, Identify and explain the four key terms included in all loan agreements. (Suggested length: 150 to 200 words)

 

More details;

What are the three basic legal forms of organizing a business?

There are 4 main types of business organization: sole proprietorship, partnership, corporation, and Limited Liability Company, or LLC. Below, we give an explanation of each of these and how they are use d in the scope of business law.

Moreover, What are the 4 legal forms of business ownership?

The four ways in which a business may be set up are: Sole Proprietorship, Partnership, Corporation, and Limited Liability Company or LLC. 1. Sole Proprietorship – This is the most simple business entity there is. Finally, As the name implies, the establishment has just one owner.

 

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