Which would be the best scenario for somebody opening up a bake shop a sole proprietorship limited liability company or corporation
The best scenario for somebody opening up a bake shop would likely be a limited liability company (LLC).
- A sole proprietorship offers simplicity and full control over the business, but it also puts personal assets at risk in case of any legal or financial issues.
- A corporation offers the most protection for personal assets, but also comes with more complex paperwork, regulations, and taxes.
- An LLC combines the liability protection of a corporation with the simplicity and flexibility of a sole proprietorship. It allows the owner to protect personal assets while still maintaining control and flexibility in running the business.
Overall, an LLC would likely be the best option for a bake shop owner, as it offers a good balance of liability protection and ease of management.