The legal form of business you choose affects the distribution of any profits, who can have a say in executive decisions, and what taxes you pay or the organization pays among many other effects. In addition the state regulations will also determine the effect of the business form you choose.
Choose a business form (example, sole proprietorship and so on), that would be most appropriate for Tim’s Coffee Shoppe and justify your answer. Refer to Discussion 1 and the Learning Activity in this unit for a quick review of the types of business forms commonly used. Further information regarding forms of business can be accessed via the U.S. Small Business Administration (SBA) Website at http://www.sba.gov/.
Then search for “business structures.”
Checklist:
What business form would be most appropriate at Tim’s and why?
Explain the benefits and drawbacks of the business form you chose.
Explain which general state and federal laws might impact registration of Tim’s business:
Due to the fact that Tim’s is a restaurant business.
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