Assignments Overview

Assignments Overview

  • The following details outline the assignments expected to be completed.

General Instructions

  • Answers must not exceed one page in MS Word format.
  • Ensure to save your work in PDF format before submission.

Research Assignment I

  • Task Details:

    • Identify the three basic forms of business organizations.
    • Discuss the key attributes, differences, and similarities of each form.

  • Forms of Business Organizations to Explore:

    1. Sole Proprietorship
    • Definition: A form of business owned and operated by a single individual.
    • Key Attributes:
      • Simple to establish and operate.
      • Owner receives all profits and is personally responsible for all debts.
      • Minimal regulatory paperwork.
    1. Partnership
    • Definition: A business structure where two or more individuals manage and operate a business in accordance with the terms of a partnership agreement.
    • Key Attributes:
      • Shared responsibility and resources among partners.
      • Profits and losses are typically shared based on partnership agreements.
      • Flexible structure similar to sole proprietorship but with multiple owners.
    1. Company (Corporation)
    • Definition: A legal entity that is separate and distinct from its owners, providing limited liability to its shareholders.
    • Key Attributes:
      • Can raise capital through the sale of stock.
      • Subject to stricter regulations compared to sole proprietorships and partnerships.
      • Offers limited liability protection to its owners.

Research Assignment II

  • Purpose: Further elaborate on the requirements, advantages, and disadvantages of the following business structures:
    • Sole Proprietorship: Analyze the formation requirements, benefits such as simplicity and direct control, and downsides like personal liability.
    • Partnership: Discuss how to establish a partnership, the benefits of combined resources, and disadvantages such as profit-sharing and potential disputes.
    • Company (Corporation): Explore the complexities in forming a corporation, advantages including limited liability and unlimited lifespan, and disadvantages like double taxation and regulatory burden.