Initially when you set-up your business, you did not know if it was going to succeed, so you set it up as a sole proprietorship. After several months success you revisit that decision, and wonder if there is a better business form that you should switch to. You take into account the following details:

•You have personal assets including a cottage and $100,000.00 in savings

•You have a day job earning $75,000.00 per year

Now that your business is a success, you want to do two things:

•Find a marketing company to take over all of your business’ social media advertising

•Find a not-for-profit that your business can work with to further your sustainable development goals (SDGs) q1.Identify which business form(Sole Proprietorship, general partnership, limited partnership, limited liability partnership and corporation) is the best option now in light of your business’ success, personal assets and income from your day job 

q2A brief explanation for why that business form (Sole Proprietorship, general partnership, limited partnership, limited liability partnership and corporation) is the best option. Your answer should reference at least three benefits of that business form given your business’ success, personal assets and income from your day job 

•Please note in order to answer this, you must understand each of the different business forms, who is permitted to form them, and the pros and cons for each

Answer rating: 100% (QA)

Solution Sole Proprietership A sole proprietorship also known as the sole trader or simply a proprietorship is a type of business entity that is owned and run by one individual and in which there is n... View the full answer