Benny is thinking of starting a business and reaches out to you
for some advice. His idea involves building custom skateboards,
with the motifs of glowing fish, hyper squirrels, and angry
beavers. He expects it to be fairly boutique, with the average
sales price of over $1,000, likely resulting in high margins but
fairly low sales. For the foreseeable future, Benny expects to be
the primary manufacturer and seller of the skateboards with
potential to bring on one or two more people later on as the
business grows. He wants to know the different forms of business to
choose from and the benefits and limitations of each. Provide a
written explanation for Benny to help him select the form of
business that best fits his goals. Provide the following
information and answer the following questions below in the form of
an essay. a. List three forms of business. b. For each form of
business:
i. Explain the tax implications and what those imply
ii. Explain thoroughly the amount of liability and how it can
affect the business owner
iii. Explain who owns the business iv. Provide one advantage
besides the characteristics already discussed above.
v. Provide one disadvantage besides the characteristics already
discussed above. c. Which form of business do you recommend Benny
use to start his business? Provide at least 3 specific reasons why
you would make this recommendation.
Benny is thinking of starting a business and reaches out to you for some advice. His idea involves building custom skate
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