I need to find 3 business in my comunity: one that is formed as a sole proprietory, one that is formed as a general partnership, and one that is formed as a corportion. Identify the business and explain what characteristic of the business form led the owner to choose it.
3-4 paragraphs
Since we don't know your community, we can't help you answer the specifics of this question. I suggest you thoroughly familiarize yourself with these three terms.
Then check web sites of businesses in your community. You could also phone several businesses and ask this question.
To find three businesses in your community with different legal forms, you can start by researching local directories, business listings, or even reaching out to your local chamber of commerce. Additionally, you can search online platforms like Google Maps or Yelp for businesses in your area and identify their legal forms based on the information provided.
First, let's discuss finding a sole proprietorship. One example might be a small convenience store owned and operated by a sole proprietor. The key characteristic of a sole proprietorship is that the business is owned and run by a single individual. The owner might have chosen this legal form due to its simplicity and ease of setup. As a sole proprietor, they have total control and make all the decisions regarding the business. The tax obligations are straightforward as they can report their business income and expenses on their personal tax return. This business form is commonly chosen by individuals who prefer to maintain complete independence and control over their business operations.
Next, let's explore finding a general partnership. You may come across a local law firm consisting of two or more attorneys who have formed a general partnership. In a general partnership, two or more individuals agree to jointly own and operate a business. This legal form can be attractive to professionals, such as attorneys or accountants, who may want to combine their expertise and resources. By forming a general partnership, they can share the responsibilities, workload, and costs of running the business. Additionally, the partners share the profits and losses according to a pre-agreed ratio. This business form allows individuals to pool their skills, knowledge, and resources while sharing the risks and rewards.
Lastly, in your search for a corporation, you might discover a large retail store owned by a corporation. A corporation is a separate legal entity from its owners, and it can exist independently of its shareholders. Choosing the corporate form often provides numerous advantages, such as limited liability for shareholders and access to capital through issuing stocks or borrowing. In this case, the owner might have chosen to incorporate due to the high-risk nature of the retail industry. By forming a corporation, they can shield their personal assets from business liabilities and attract potential investors to expand their operations.
Remember, when conducting your search, it's essential to verify the legal form of the businesses you find by checking business registration records or consulting with a local business authority.