Read Exploring Business: Chapter 4.1.

Think of a business you’ve dealt with over the past year that interests you. Write a paragraph documenting the business name and products or services it offers. Which of the factors to consider do you think were important in the creation of that business? Upload the paragraph in a Word document in Teams.

Learning Targets:

• I can answer the questions listed below to choose the appropriate legal form for my business.

  1. What are you willing to do to set up and operate your business?
  2. How much control do you want?
  3. Do you want to share profits with others?
  4. Do you want to avoid special taxes on your business?
  5. Do you have all the skills needed to run the business?
  6. Should it be possible for the business to continue without you?
  7. What are your financing needs?
  8. How much liability exposure are you willing to accept?
• I understand that no single form of ownership—sole proprietorship, partnership, or corporation—will give me everything I want. Each has advantages and disadvantages.