Task Name: Phase 2 Discussion Board
Deliverable Length: 500 words, plus chart of accounts
Details: Primary Task Response: Within the Discussion Board area, write 400-600 words that respond to the following questions with your thoughts, ideas, and comments. This will be the foundation for future discussions by your classmates. Be substantive and clear, and use examples to reinforce your ideas.
In this assignment you will do the following:
•Choose the type of service business that you will use for the key assignment.
•Discuss if you will want a sole proprietorship or a partnership.
•Discuss your choice on the Discussion Board.
•Develop a chart of accounts that is appropriate for your type of business.
?The chart should contain a minimum of 5 assets and 2 liabilities.
?Remember that this is a service business.
?Revise your chart of accounts, if necessary, based on what your learn from the discussion.
•Discuss the reasons for your choice of business type and your chart of accounts. Your discussion should include the pros and cons of both business types: sole proprietorship and partnerships