Scenario: You and Lue, both sole proprietors, want to combine your businesses into a single entity called Shining Surfaces. You operate a residential and commercial painting business with 5 full-time employees and 2 part-time employees, and 4 independent contractors. Lue operates a commercial and residential window washing service with 6 full-time employees.
You have more business experience, so Lue asked you to collect information to recommend a business structure (also called “business form”) for Shining Surfaces.
After researching business structures, you compile the information to use in discussion with Lue.
A. Create a comparison chart that shows various business structures and compares and contrasts each type of structure. You may use the chart format in the hyperlink above, or create a similar chart, or create an excel chart.
B. Write a memo to Lue recommending a business structure for Shining Surfaces that best minimizes tax and personal liability for the new business and its owners. Explain and justification your recommendation specifically and in detail.
Label answer parts.
Learning Activity 2 – Due Thursday 11:59 pm EST
This assignment focuses on business structures.
Scenario: You and 3 friends plan to start a business called Global Artifacts to sell domestic and internationally-made pottery items from a retail store and online. The group has some capital for starting the business, but will need additional funding. The 4 of you have agreed that you absolutely will not use credit cards, loans of any type, or take gifts from friends and family to start the business. After some inquiries, the group knows that angel investors and venture capitalists will not contribute to the start-up funding.
The other potential owners in the group have designated you to research and make a recommendation for an appropriate business structure (form) that would best protect the owners from personal liability and provide a structure that would enable the group to obtain additional capital.
A. Write a report addressed to the Global Artifacts Owners that recommends a business structure to meet all the group’s needs. Explain how and why your recommended business structure is best for Global Artifacts.
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