Multimedia activity: Business Organization

Visit the Choose Your Business Structure 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:
1. Steps to form
2. Personal liability for owners
3. Taxation
4. Advantages and disadvantages

“Create” your own business that you will start. Then, discuss whether that business will be an LLC, Partnership, etc …and why.
Discuss what steps you need to take to make the business an LLC, partnership, etc…
Discuss the liability, taxation, advantages and disadvantages of the business type that you chose to create.

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