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Week 4 -Assignment

Week 4 -Assignment

Q Visit the Choose Your Business Structure (Links to an external site.)Links to an external site. Section of the U.S. Small Business Administration’s website. If you were to start your own business, which business entity structure would you choose? Justify why your chosen structure is the best organizational form. Explain the following business structures: sole proprietorship, partnership, LLC, and a corporation. In your analysis address the following for each business structure: • Steps to form • Personal liability for owners • Taxation • Advantages and disadvantages Introduction

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Ordinarily a business structure is defined as the classification of different organizations that has already been legally recognized and then established under an assumed jurisdiction especially being characterized through some kind of legal definition that suits the particular category ("Choose a business structure", 2019). Usually the business structure that is being chosen always encourages everything that falls within a firm’s or a company’s day to day functioning, to taxation and it also encounters on how much of the personal asset would be at risk if any such situation arises. It is therefore, always