100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
Previously searched by you
Summary BUS 311 Week 4 Assignment.docx Business Organization BUS 311 Business Law I Business Organization There are several business entity structures to choose from, such as Sole proprietorship, Partnership, Limited liability company (LLC), and Corporati$4.99
Add to cart
Summary BUS 311 Week 4 Assignment.docx Business Organization BUS 311 Business Law I Business Organization There are several business entity structures to choose from, such as Sole proprietorship, Partnership, Limited liability company (LLC), and Corporati
114 views 4 purchases
Course
ASH
Institution
Ashford University
BUS 311 Week 4 A Business Organization BUS 311 Business Law I Business Organization There are several business entity structures to choose from, such as Sole proprietorship, Partnership, Limited liability company (LLC), and Corporations. I actually do have my own small business and it is a ...
bus 311 week 4 assignmentdocx business organization bus 311 business law i business organization there are several business entity structures to choose from
such as sole proprietorship
Written for
Ashford University
ASH
All documents for this subject (481)
Seller
Follow
helperatsof1
Reviews received
Content preview
BUSINESS ORGANIZATION 1
Business Organization
BUS 311 Business Law I
, BUSINESS ORGANIZATION 2
Business Organization
There are several business entity structures to choose from, such as Sole proprietorship,
Partnership, Limited liability company (LLC), and Corporations. I actually do have my own
small business and it is a LLC. When I was deciding to start my business the wholesaler leaves it
up to the retailer to choose what entity we decided we wanted to open our business under,
however they do suggest the LLC. With the LLC it lets you have a partner or partners and the
retailers are not personally liable. The wholesalers take care of tracking the taxes and at the end
of the year they send us our statement of how much taxes we paid and total of what we made so
we have all the paperwork to give to our accountants. (Rogers, 2012).
Sole proprietorship is the easiest and least expensive business entity structure to start. This
entity is the oldest and simplest form of ownership that can be started under the owner’s name
and there cannot be a partner. To set up a sole proprietorship you need to create and business
name, figure out the location of the business. Next you need to file for a business license with
your county and if you want to operate your business out of your house you may need to get
permission from your local government. Finally, you set up a business bank account so you keep
your personal and business expense and income separate. You should get liability insurance to
help protect you from liability lawsuits, since if your business gets in trouble financially they can
come after your personal assets. When you file your taxes your business and personal income is
filed together. You pay federal and state taxes on the net income of your business. There is a
21% flat corporate tax rate so depending on your personal tax rate it could be higher or lower.
Some of the advantages of a sole proprietor are easy startup, control, tax preparation and filing,
and use of losses. Then the disadvantages are your personal finances are combined with your
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller helperatsof1. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $4.99. You're not tied to anything after your purchase.
