Homework: Legal Form of Business at Tim's
Details
The legal form of business you choose affects the distribution of any profits, who can have a say in executive decisions, and what taxes you pay or the organization pays, among many other considerations. In addition, state regulations will also determine the effect of the business form you choose.
Task:
(Review Tim's Coffee Shoppe scenario)
Choose a business form (example, sole proprietorship and so on), that would be most appropriate for Tim's Coffee Shoppe and justify your answer. Refer to discussion topic 1 and the learning activities in this unit for a quick review of business forms commonly used. Further information regarding forms of business can be accessed via the U.S. Small Business Administration (SBA) website:
U.S. Small Business Administration. (n.d.). Business structures.
Checklist:
1) What business form would be most appropriate for Tim's and why?
2) Explain the benefits and drawbacks of the business form you chose.
3) Explain which general state and federal laws (see resources below) might impact registration of Tim's business, due to the fact that it is a restaurant business.
Format your homework according to the following formatting requirements:
(1) The answer should be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides.
(2) The response also includes a cover page containing the title of the homework, the student's name, the course title, and the date. The cover page is not included in the required page length.
(3) Also include a reference page. The Citations and references should follow APA format. The reference page is not included in the required page length.