Bus_law_assignment2.docx - Henderson Law Firm LLC 200 East...

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Henderson Law Firm, LLC 200 East Georgia Street Woodruff, SC 29388 800-333-3333 May 30, 2019 Attn: Betty Jones and Betsy Smith 123 East Main Street Spartanburg, SC 29306 Dear Ms. Betty Jones and Ms. Betsy Smith: RE: Interview for B & B’s All-Natural Creamery As you are trying to decide what type of business entity to form it is very important to consider many factors such as liability, ownership and control, expenses, capitalization, liquidity, taxation, and potential investors. There are many business entities to consider and it is important to consider those factors of each entity before making the decision. A Sole Proprietorship is a business entity that is only owned by a single person. There are several advantages to this entity, as there are no formation requirements, you can essentially just open up and start running your business. The proprietor or owner has full and total control over the company, although that means that the proprietor or owner also has full liability for any and all corporate depts. All profits are considered as personal income and there is no separation between the business income and personal income as far as taxation goes and that is a big disadvantage. Another
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  • Fall '19
  • Corporation, Limited partnership, Types of business entity

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