This paperwork of BUSN 420 Week 7 DQ2 A Sweet Business Idea
includes:
Dan and Carla met as employees at a candy company and later
married. Carla went on to study accounting and Dan earned a
business degree. After working for various businesses and raising
$10000 to open their own business one day Dan and Carla have
settled on opening a business that makes custom centerpieces that
look like floral arrangements but are made entirely of chocolates
marzipan and other candy. They want to call their business Edible
Expressions and they have prepared a business plan. They are now
faced with the decision of what form of business organization makes
the most sense: a sole proprietorship a partnership of some sort or
incorporating in some form.Dan and Carla both plan to do design
work in the business while hiring confectionery employees to
prepare and assemble the company’s products. Carla will keep the
books and Dan will do the hiring. Carla and Dan are considering
whether it makes more sense for them to co-own the business or if
one should be the owner and the other an employee. They anticipate
hiring just one other employee to begin with and growing as demand
requires. Carla’s brother and sister-in-law also want to invest in
the business but not be involved in operations. Dan and Carla also
want to give their daughter Alissa age 12 some ownership in the
business at some point. Dan and Carla want to establish their
business with a minimum of paperwork and expense but they also want
to avoid high taxation of their business profits. They want to run
the business jointly without the need for a Board of Directors or
other advisory group though they don’t mind the idea of having an
annual event to honor family members who have invested in their
business. Consider the types of business organization in this
week’s reading (sole proprietorship general partnership limited
partnership LLP corporation LLC). What are the pros and cons of
each as they apply to Dan and Carla’s business goals? If Dan and
Carla were operating in your state what form of business
organization appears most desirable? Why?
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