Defining legal characteristics of your business entity
write 400 to 600 words that respond to the following questions with your thoughts, ideas, and comments.
As you reflect on your time at Phishy Pharmaceuticals, you decide it is time to move on with your career. You have always wanted to start you own restaurant business and be an entrepreneur. As an entrepreneur, you must decide whether the business should operate as one of the major forms of business organization, sole proprietorship, general partnership, limited partnership, limited liability partnership, limited liability company, or corporation, or under other available legal business forms.
Your selection depends on many factors, including the ease and cost of formation, the capital requirements of the business, the flexibility of management decisions, government restrictions, personal liability, tax considerations, and the like. You must choose one of the major forms of business that is best for your business. (For this assignment, you should not choose a sole proprietorship for your business entity.) In your initial Discussion Board post, you must address each of the following:
- The defining legal characteristics of your business entity
- The advantages and disadvantages of your legal business entity
- The operating agreement required by your entity
- Why that entity choice is the best for your business