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If you were going to start a business,which of the forms of conducting business listed below would you use and why? Forms of conducting business: Sole proprietorship. This is the simplest form of...

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If you were going to start a business,which of the forms of conducting business listed below would you use and why?
Forms of conducting business:
  • Sole proprietorship. This is the simplest form of business entity. ...
  • Partnership. This entity is owned by two or more individuals. ...
  • Limited liability company (LLC) ...
  • Corporation.



Answered Same DayOct 28, 2021

Solution

Sudipta answered on Oct 31 2021
52 Votes
30th October 2019
Discussion
I have three different options to open up the business. The first one is ‘Sole proprietary’ in which I will be the owner and I will have to take responsibility for each activity associated with the business. Entire profit generated through this business will be credited to my account only. As risk associated with this approach is a bit higher therefore, I will not choose this form of business. I would choose partnership approach in my business. As discussed by Haron, Hasnah, et...
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