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1. Determine which of the three forms of business organization (sole proprietorship, partnership or corporation) would be the most appropriate for your new business. Why did you select the form of business organization that you chose? Identify at least three things that should be taken into consideration when making this selection. 

I would like to form a sole proprietorship business. As the same would suit the style of business as this does not require expertise of others and my skills are enough to deal with the clients requirements. Whats works for me and also is in favor of the business form which has been selected is the fact that :

a) Decision making is going to be precise and faster as all the decisions would be taken by the proprietor including pricing.

b) A partner would retain all the profits after paying personal taxes and in addition to the same no business tax is required to be paid.

c) Day to day running of the business is fully dependent upon the sole proprietor and hence , the business would be run by the single owner without having to dependent upon others too much.

2. Based on the form of business organization that you selected, answer the following questions:

a. How easy or difficult is it to set up this form of business organization? 

The sole proprietorship business is easy to set up and get started as no formal registration under local governments are necessary. The sole proprietorship business does not need too much paperwork and too much formalities. The sole proprietorship can bring in his funds and start the business by setting up a suitable place of business deepening upon his requirement. No corporate or federal taxes are needed to be paid. In most of the cases the sole proprietorship business does not even need a business license ad hence setting up of the sole proprietorship business is very easy , non formal and clutter free.

b. What type of liability do you have in this form of business organization? 

As the sole proprietorship business has a single owner, the liability of the owner or the sole proprietor would be unlimited. This means if the sole proprietorship business has generated any profits, then the sole proprietorship would take all the profits but if the business incurs losses then all the losses would have to be borne by the sole proprietor.

c. What tax implications do you need to consider for this form of business organization? 

Tax implication of the sole proprietorship business is pretty simple. The sole proprietorship business is not a recognizedjudicial person and hence won't be required to pay any business tax or corporate tax. However being the sole owner of the business the sole proprietor would have to pay personal income taxes on the full amount of profits it generates form business.

d. What will happen to the business if something happens to you, the business owner? 

As the sole proprietorship business is owned and operated by a single owner or the sole proprietor the business would cease to exist after the death of the sole owner. However if the business owner plans beforethen the business can be carried on byhis/ her legal heirs after his or her death. It can also be possible to sell the business as it is to others ( third parties) and the third parties can legally carry on the same business under the same name or under a changed name.

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