Analyze business entities of sole proprietorship-corporation

Reference no: EM13176938

Analyze the following 5 business entities and discuss the advantages and disadvantages of each both generally AND as they relate specifically to the facts given below. At the end of your paper, give your opinion as to the best business entity for your client under the circumstances presented by the facts below. SUPPORT YOUR OPINION. (Make sure you read Chapter 29 before attempting this assignment!) Note: There is no right or wrong answer for this assignment. This assignment is about analysis! The business entities are:

1. Sole proprietorship
2. Corporation
3. Partnership (General)
4. Limited Liability Company
5. S Corporation

You are an up and coming attorney and one of your best clients is Charlie Shine. Charlie is on an extended leave of absence from his previous job of television star and wants to start an escort business as his second career. He wants your advice concerning what type of business entity he should use.

He presents the following list of concerns to you, in no particular order of importance:

• Charlie is quite wealthy and wants to make sure he gets protection for his substantial assets, especially from liability and taxes.
• Charlie doesn't like the hassle of paperwork and would prefer to do as little as possible.
• Charlie wants to have control of his new company. In case he is able to revitalize his television career, he wants to make sure the company continues to run just like he wants it to run, without changes, whether he is personally at the helm or not.
• If Charlie decides to sell the business someday, he wants to have control over the decision to sell without having to get approval from other people.
• Charlie is not opposed to sharing ownership with his friends and family as long as he can maintain control.
• Charlie is certain that his new business will be successful. Some day he would like to see his business in cities throughout the country.

Charlie previously consulted with another attorney friend, Bambi Shell about this matter and Bambi convinced Charlie that the 5 business entities listed above were the best choices. Now, Charlie wants you to help him pick the entity he should use from the 5 suggested by Bambi. Charlie says he'll go with whatever you suggest.

As Charlie leaves your office, he tosses an empty airline vodka bottle toward your trash can but he misses and it hits you between the eyes. You grab it to throw it back at him but he has already closed the door. You wince and get to work. Winning!

Reference no: EM13176938

Questions Cloud

Name the rule of inference or fallacy : "Only warm bread make Louie happy after he loses at scrabble. Louie lost at scrabble. So he'll want to have warm brtead.

Dominant power in the north and central great plains : Before 1850, who was the dominant power in the north and central Great Plains?

The fighting of war existed between whites : What differences in the fighting of war existed between whites and the Plains Indians?

Providing professional development on adjustable assignments : Imagine that you are providing professional development on adjustable assignments, compacting, and grouping used in differentiated instruction these topics.

Analyze business entities of sole proprietorship-corporation : Analyze the business entities of Sole proprietorship, Corporation, Partnership (General), Limited Liability Company, S Corporation

Imperialism in the late nineteenth century : Elaborate on whether and how the United States thought it was pursuing its national interest by turning to imperialism in the late nineteenth century and what America’s vital interests are today regarding this.

Discussion of kin networks and family law : The remarried family has been called an incomplete institution. What does this mean? How does this affect the people involved in a remarriage? Include a discussion of kin networks and family law.

How is his divorce different from her divorce : How is "his" divorce different from "her" divorce? How are these differences related to society's gender expectations? In your observation, are the descriptions given in this chapter accurate assessments of divorce outcomes for men and women today?

Long term effects of prescription drugs : What are some of the long term effects of prescription drugs? Discuss the what's beneficial about them. Also, discuss what non benefits are in evidence in the area of prescription drugs.

User Account

All Pages