Reference no: EM132985342

Please solve these case projects

Jessica began doing business as a sole proprietor. She leased an office and bought computer equipment and began designing applications for smart phones. She also has an idea for a new software product that she thinks will be very successful. Jessica wants to hire some employees, and obtain financing to fund the development of her new software product. Jessica isn't sure what business entity form to use, or whether she should remain as a sole proprietor. She is concerned about personal liability and taxes.

1. List five (5) factors other than liability and taxation that Jessica should consider in deciding whether to remain as a Sole Proprietor and tell me why these factors are important. Should she remain a Sole Proprietor? Why or why not?

2. Discuss five (5) advantages and disadvantages of forming her entity as each of the following instead of remaining a Sole Proprietor: a Limited Liability Company; a Partnership and a S Corporation. (Note: list a total of 5 consisting of both advantages and disadvantages for each entity. For Example 3 advantages and 2 disadvantages, etc., not 5 advantages and 5 disadvantages)

3. What entity form would you choose for Jessica, other than the Sole Proprietor? Explain your reasons for choosing this entity form as Jessica's entity.

4. What factors would you consider in order to develop a business plan and a budget for the entity that you decide to use for Jessica? List 4 steps in developing each. Provide an example of a business plan and an example of a budget.