Small Business

In: Business and Management

Submitted By eh2u2
Words 1152
Pages 5
The government has released funds for creating a small business. This is the best time to get Webb’ Inc started. Sandy Webb will sit down and examine the forms of the four business organization would best suit her service. The company will consider legal, tax, accounting, and other implications when selecting from the four business types.
The Four Forms of Business’
There are four main forms of business organizations that Sandy the owner of Webb Inc. must choose form to start the process of forming her business. The legal entity in which a business owner can choose from is sole proprietorship, partnership, C corporation, and S corporation. Along, with the advantages and disadvantages of each type of business form.
Sole proprietorship is the most common form utilized for a small business. This type of form is used, especially in the early stages of a business controlled by one person. This one person is directly responsible for the management and conduct of the company. The advantage of present the sole proprietorship is that this is least experience to own and operate because there are no particulars concerning the legal organization. There are no rules governing in which it must have a purpose. The disadvantage of this type of form is that the owner is liable for the actions and debts created for and against the company.
Tax implications for sole proprietors are taxes are paid on his or her personals income taxes. The business is not taxed separately. The legal implications of being a sole proprietor means they are held personally liable for any business-related obligation. The creditor can come after their house or any other of their possessions. The accounting implications for this type of company is not subject to the financial accounting standards board (FASB) or Sarbanes-Oxley Act (SOX) they may choose to hire an Accounting firm.

Partnership is at…...

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