Dr. Janice Mereba
In today’s business world, an individual who are seeking to venture out as a business owner, first must decide what form of business is best suited. This decision is usually the most difficult and important. When making business decisions, the owner must make a decision of what types of business is the suited for her small business in order for ultimate success. In the business world, they are seven forms of business in which the author will be discoursed. In addition, the author will considered scenarios to each form of business that is most favorable. In this paper, the author will also substantiate why the agreeing business form is preferred. Sole Proprietorship, S Corporation and Partnership and C Corporation are forms of business that will be discussed this paper by the author. The author will also include the tax and legal implication in addition to accounting requirements for a small business. Generally, new business owners would make the selection of the most suitable form of operating a business conditional on the type of business venture.
Growing up in Guyana South America and after moving to Charlotte NC in 1999, I have missed a lot of the Guyanese Culture and foods. Since moving to Charlotte NC, I have seen a need for a Guyanese grocery. With Charlotte growing in population and with such a diverse group, there are more Guyanese moving into Charlotte NC will bring a need of a grocery store that will fulfill the need of this group. The unique products for my business are supplying an array of Guyanese grocery, products and services in one location. For this type of business, I have selected a Sole Proprietorship. This form if business is bested suited for me being that I will be the only one funded the venture thus making me the sole owner. I especially prefer this form being that the business is going to start out on a small scale. As the owner, I would...