Problem 1: Evaluate the following scenario and determine why the particular form of business organization should be used.
Problem 2: Define the form of business organization currently used
Problem 3: Discuss the advantages and disadvantages of this form of business organization
Problem 4: Define at least two alternative forms of business organization
Problem 5: Discuss the advantages and disadvantages of these forms of business organization
Problem 6: Choose a form, justifying your selection with adequate discussion
Problem 7: Discuss why the alternative form is not as well suited
Problem 8: Consider some of the legal problems associated with the type of business involved. Provide citations to support your answer.
Case Scenario:
Conway just received his contractor's license in the state of Virginia. For years, Conway did light construction work for a few commercial accounts. He was very successful and had enough clients to keep him busy, along with his father and brother, working six days a week. Occasionally, a client would hire Conway to do a substantial amount of carpentry work for an entire business. Conway has purchased a substantial amount of property. He intends to create an upscale neighborhood containing houses valued in the $200,000 range. He realizes that he will have to borrow heavily to construct the first few houses. At present, Conway's business operates as a sole proprietorship. Should Conway continue to operate his business as a sole proprietorship? Should he operate his business as a partnership? Explain why or why not.