Which form of business (sole proprietorship, partnership, or corporation) would be most appropriate in this case? Explain

Business & Finance homework support| Business & Finance homework help

If this is the case, then a sole proprietorship might be the right type of business. Sole proprietorships are unincorporated businesses that can be owned and managed by one person. This allows them to have complete control over all operations and flexibility. A sole proprietorship is less expensive than other business models such as corporations and partnerships. It also requires minimal paperwork, legal documentation, and no additional costs to start up. This makes it ideal for someone who wants to run their own store with limited resources or who doesn’t want to be held liable for potential debts and losses incurred by their business. You can also make your own decisions and choose products to suit your market. Additionally, profits from the store will remain within the owner’s possession instead of being split with partners or distributed among shareholders as it would if it was incorporated into another form of business.(Kubsch etal 2020))(Duffy 2016)(Levitt 2019)).
Tax filings depend on the type of business structure. However, setting up shop in a single propietor model is easier because it requires less effort and personal income.(NUR699 REBPProposalFormatStudentdocx 2021).

This is a snippet preview, get a complete custom solution
Access a Complete Custom-Written Paper from Our Writers, Now!!