Paper instructions:

Although sole proprietorships are the most common form of ownership, the majority of Americans work for corporations. Between sole proprietorship and corporation, there is a range of options: partnership, LLC, LLP, benefit corporation (B corp), S corporation, C corporation, and then a range of not-for-profit and nonprofit structures. Each form of ownership has its advantages and disadvantages, but ultimately the business owner must choose.

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Scenario

You have had a home-based Tee-Shirt business for years. You have always been a sole proprietor. Now, you are expanding your business and moving into a retail storefront in a very busy strip center near your home. You will be hiring employees, buying additional equipment and will be open 7 days a week. Please answer the following:

  • Discuss the pros and cons of being a sole proprietorship (not list). Should you continue as a sole proprietor when you move into the storefront? Why or why not?
  • Assume that you will change your legal form of ownership. What fo

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