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In good form: choosing the legal structure that's right for your business - Document - Gale Business: Entrepreneurship
Source: go-gale-com.ezproxy.libproxy.db.erau.edu
Article summary:
1. There are four main types of business structures: limited liability company, corporation, sole-owner, and partnership.
2. Each type of structure has its own advantages and disadvantages that should be considered when choosing the right one for a business.
3. It is important to consult with a lawyer to determine which structure is best for a particular business based on factors such as the number of owners, succession plans, and tax concerns.
Article analysis:
The article provides an overview of the four main types of business structures available to entrepreneurs: limited liability company, corporation, sole-owner, and partnership. The article does a good job of providing an overview of each type of structure and outlining some of their pros and cons. However, it does not provide any detailed information about how to choose the right structure for a particular business or what factors should be taken into consideration when making this decision. Additionally, while the article mentions consulting with a lawyer when making this decision, it does not provide any specific advice on how to go about doing so or what questions should be asked in order to make an informed decision.
The article also fails to mention any potential risks associated with each type of structure or any potential legal implications that may arise from choosing one over another. Furthermore, while the article does mention taxes as one factor that should be taken into consideration when choosing a structure for a business, it does not provide any detailed information about how taxes may differ between different types of structures or how they may affect the overall profitability of the business.
In conclusion, while this article provides an overview of the different types of business structures available to entrepreneurs and outlines some basic pros and cons associated with each type, it fails to provide any detailed information about how to choose the right structure for a particular business or what potential risks may arise from choosing one over another. Additionally, it fails to provide any detailed information about taxes or other legal implications associated with each type of structure.