Identifying the Right Structure
Business structure at Startup
Business Structure Startup
Describe The Steps One Would Follow to Form a Business
The formation of a business relies on an idea and the time it would take to actualize it. Establishing the viability is the first step to creating the structure of the plan and the business itself. With the idea, one needs to create a business plan that must detail all the process that they need to follow such as the legal environment and the requirements that have been established to form the business in their State. Capital is an essential aspect that an individual need to consider to determine whether they can finance all the operations and this allows them to find ways to serve the market by opening the business and serving the customer’s needs (Clayton, 2008).
Describe the steps one would follow to form a business. What are the advantages and disadvantages of forming the business as a proprietorship, partnership, limited liability company, or corporation? How do these options affect issues such as taxation, business decision making, profit sharing, and liability? What are the advantages and disadvantages of forming a business in your state versus another state that may be considered more business friendly? What would the steps for dissolution of these types of business structures involve and how would dissolution affect the rights and obligations of those who started the business?