business entity structure
If you were to start your own business, which business entity structure would you choose? Justify why your chosen structure is the best organizational form. Explain the following business structures: sole proprietorship, partnership, LLC, and a corporation. In your analysis address the following for each business structure: Steps to form Personal liability for owners Taxation Advantages and disadvantages (Check in to the Amazons partnership with Veteran Program to include in this assignment as I am a Army Veteran and look to pursue this in the future.) Your paper must be three to five pages (excluding title and reference pages), and it must be formatted according to APA style as outlined in the Ashford Writing Center. You must cite at least two scholarly sources in addition to the course textbook. Cite your sources in-text and on the reference page. Partnership Partnerships are the simplest structure for two or more people to own a business together. There are two common kinds of partnerships: limited partnerships (LP) and limited liability partnerships (LLP). Limited partnerships have only one general partner with unlimited liability, and all other partners have limited liability. [unique_solution]The partners with limited liability also tend to have limited control over the company, which is documented in a partnership agreement. Profits are passed through to personal tax returns, and the general partner — the partner without limited liability — must also pay self-employment taxes. Limited liability partnerships are similar to limited partnerships, but give limited liability to every owner. An LLP protects each partner from debts against the partnership, they won′t be responsible for the actions of other partners. Partnerships can be a good choice for businesses with multiple owners, professional groups (like attorneys), and groups w