2 pages/≈550 words
Business & Marketing
Legal Structure of Business (Article Critique Sample)
The order was a review of the article and was to be in two pages with two references and formatted in APA. source..
Legal Structure of Business Student's Name Institution Legal Structure of Business Decision making concerning legal structure of a business is essential as it affects legal, tax, and accounting issues. Business structures, which vary widely depending on the businesses that use such structures, include sole proprietor, partnership, and corporation (Anderson et al., 2012). Setting up a business the right structure has to be as it is very critical in the success and the general life of the company. When making a choice of the legal structure of a business, there is a need to know what form of business to come up with as it is what will determine the extent of regulatory paperwork to be , personal liability pertaining to investment in the business, and what should be as tax (Cheesman, 2010). This paper presents common legal structures that are crucial for any business operations. Sole Proprietorship According to Cheesman (2010), Sole proprietorship is the simplest legal structure of the three major legal structures. Establishment of sole proprietorship is one very simple process has it has relatively modest amount of money and that its control and management is majorly on the sole owner. Usually sole proprietorship is exempted from tax by the government when either withdrawing or contributing money or even property to the firm (Anderson et al., 2012). This legal structure does not have separate legal entity for tax and other legal implications. Sole owner of the business is charged with the responsibility to sign for all debts and obligations making this legal structure more vulnerable to financial risk. Since this is a very small business struct...
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