Essay
Objective: Describe business ownership structures.
Introduction: This lesson explores the different types of business ownership structures: sole proprietorships, partnerships, and corporations. You consider such critical factors as ease of formation and management, attractiveness to outside investors, limited liability for owners, and taxation. You learn about the types of business structures and explore how the legal form of a company influences diverse issues of management – from how partners interact, to personal liability, to rights and control of the real and intellectual property. You weigh the advantages and disadvantages of each ownership structure and then extend your comparison of types of business structures to focus on issues that are pertinent to small business owners.
Deliverables
· The essay for this lesson is required to be a minimum of 750 words (excluding title and reference pages) that clearly demonstrate your understanding of the activity. Essays should have a clear introduction, thesis statement and conclusion, written in APA format (Purdue OWL). A minimum of three sources, at least two from the lesson, must be cited in-text and in the Reference list.
Activity Details:
Step 1: Read the following questions, and use what you have learned about Ownership Structures to summarize your responses :
Define each of these different forms of legal structures: sole proprietorship, partnership, corporation, S corporation, an LLC.
Compare the advantages and disadvantages for each type of ownership, and indicate which advantage and disadvantage are most significant for a small business.
Indicate which advantage and disadvantage are most significant for a startup, a small and medium-to-large business.
Step 2: Write your essay
Write your essay to address all the questions above.
Use these writing guidelines:
· Include a cover page and references in addition to your required word count.
· Use correct APA format
· Double-space text
· Use size 12 Times New Roman
· Use section headings to organize
· Indent paragraphs
· Include in-text citations
· Use correct spelling, grammar, sentence structure and verb tense
References
Guide to selecting your small business legal structure from Lynch, C. (2015). Retrieved from CaseyLynchCPA.com
Organizational Types and Considerations for a Small Business from Smart Money for Small Business Financial Curriculum from U.S. Small Business Administration and the Federal Deposit Insurance.
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