Discussion #1: Business Forms

Choose which business form (sole proprietorship, \"S\"Corporation, \"C\" Corporation, LLC, 501C3) you would use forone of the following businesses that you wouldlike to own if you could:

• Shoe store with best friend

• A community fresh produce market

• Paralegal consulting services

• Catering business — three acquaintances who met on a foodwebsite

• Technology Consulting services

• 3 Guys and a Girl Car Repair

• Bookkeeping business — five accounting graduates' startup

• Interactive gaming design- two family members

• Second hand clothing consignment shop-(one dressmaker and aseamstress)

• Home services business- large business with one knowledgeableowner and one banker/investor.

• Franchise food business

2. Explain:

• Who are the owners/founders besides yourself if any?

• Who are your potential customers?

• What makes your business unique in the marketplace?

3. What are the strengths? After you choose a business form,explain the following:

What are the strengths or benefits of this type of business formconcerning taxes and liability based on the type of ownership andcustomer?

4. What are the weaknesses? Do you need a Board of Directors?What are the pitfalls of this type of structure and why based onthe type of business being conducted?