Imagine the government has released funds for creating small businesses. You are interested in establishing a small business, and you must decide on the form of business organization that would best suit your unique product or service and business structure. Consider legal, tax, accounting, and other implications when selecting between the five business types. The five types of business structures that can be chosen from are C Corporation, S Corporation, Limited Liability Company (LLC), Partnership and Sole Proprietor.
Write a paper of no more than 1,500 words discussing your small-business idea. Include the following:
• The advantages and disadvantages various forms of business organization
• The following consequences associated with the various forms of business organization:
o Tax implications
o Legal implications
o Accounting implications, such as SOX and FASB
• An explanation of the unique product or service your small business provides
• Your choice of business organization form for your new business
• Your rationale for choosing this form of business organization
Format your paper consistent with APA guidelines.
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