LAW 531 Week 2 Business Forms Worksheet

There are seven forms of business: sole proprietorship, partnership, limited liability partnership, limited liability company (including the single member LLC), S Corporation, Franchise, and Corporation.

1. Research and provide three advantages and three disadvantages for each business form.
2. Provide a 100- to 200-word summary in which you provide an example business that you would start for each form. What is legally necessary to file in order to form that business? Discuss at least one of the advantages and one of the disadvantages of that form.

Sole Proprietorship

Advantages

1.

2.

3.

Disadvantages

1.

2.

3.

Summary

Partnership

Advantages

1.

2.

3.

Disadvantages

1.

2.

3.

Summary

Limited Liability Partnership

Advantages

1.

2.

3.

Disadvantages

1.

2.

3.

Summary

Limited Liability Company, (including the single member LLC)

Advantages

1.

2.

3.

Disadvantages

1.

2.

3.

Summary

S Corporation

Advantages

1.

2.

3.

Disadvantages

1.

2.

3.

Summary

Franchise

Advantages

1.

2.

3.

Disadvantages

1.

2.

3.

Summary

Corporation

Advantages

1.

2.

3.

Disadvantages

1.

2.

3.

Summary