JillWillis_Assignment_Unit 1_

JillWillis_Assignment_Unit 1_ - Running head LEGAL BUSINESS...

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Running head: LEGAL BUSINESS ENTITY'S 1 Legal Business Entity's Jill Willis Kaplan University
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LEGAL BUSINESS ENTITY'S 2 The business I have chosen is my dance studio. The name of my studio is Impressions Dance Studio, LLC. We are a limited liability company and we also have a non- profit competition group within the company. The reason I went with a limited liability company is because I wanted to make sure my personal assets were safe. “ A limited liability company is a hybrid type of legal structure that provides the limited liability features of a corporation and the tax efficiencies and operational flexibility of a partnership.”(SBA.gov, 2015) I did a lot of research regarding which legal entity I should proceed with. What I found with a sole proprietorship is that I would be in danger of being held personally liable for any debts from the business. Being that it was such a new business with a lot of competition from surrounding dance studios, this is not a risk I was willing to take. “Additionally, this risk extends
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