Explain the pros and cons of becoming business partners

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Reference no: EM133672103

Reflect on what you have learned in this module about business ownership. Then, answer this four-question, short-answer assignment to apply your knowledge. As a result, please make sure you support your answers with details and examples.

Scenario:

Andre has just finished his associate's degree in business is looking to start a full-service real estate business. He worked as Real Estate Agent while working toward his degree and just recently became a Real Estate Broker. Now, he feels ready to venture out on his own by starting a business. He has two professionals that are interested in potentially going into business with him. His friend Dominque is a construction contractor and electrician and will be able to assist home buyers with remodeling. He also has a friend Steven who is a Landscape Architect and will join the team to care for the outside of homes making sure they bring top-dollar. As these three begin to form their business plan, they want to consult with you regarding the type of business they should start. You explain that you are not a legal professional but would be happy to sit down and talk them through the pros and cons of the different types of business ownership.

This should be:

With Andre, Dominque, and Steven's business in mind, copy and paste the questions below and answer them. Adequate detail and examples are needed to support your answers and earn full credit. A substantial paragraph for each question will be needed to fully demonstrate your mastery of the concepts.

1. Andre could become a sole proprietor and hire Dominque and Steven as employees. Explain the pros and cons of Andre becoming a sole proprietor. What are the legal aspects for the pros and cons for a sole proprietorship?

2. Andre, Dominque, and Steven could form a partnership. Explain the pros and cons of becoming business partners under a partnership. What are the legal aspects for the pros and cons for a partnership?

3. Andre, Dominque, and Steven could also form a corporation. Explain the pros and cons of incorporating their business. What are the legal aspects for the pros and cons of a corporation?

4. Which type of business ownership would you recommend for this business idea? Why? Support your answer with strong reasoning and examples as well as the legal aspects that supported your final decision.

Reference no: EM133672103

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