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 considerations. In addition, state regulations will also determine the effect of the business form you choose.
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Assignment 1: Legal Form of Business at Tim’s
(Review Tim’s Coffee Shoppe scenario)
Assignment 1: 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 topic 1 and the learning activities in this unit for a quick review of business forms commonly used. Further information regarding forms of business can be accessed via the U.S. Small Business Administration (SBA) website:
U.S. Small Business Administration. (n.d.). Business structures. http://www.sba.gov/
What business form would be most appropriate for Tim’s and why?
Explain the benefits and drawbacks of the business form you chose.
Explain which general state and federal laws (see resources below) might impact registration of Tim’s business, due to the fact that it is a restaurant business.
Respond in a minimum of 350 words in APA format (12-point Times New Roman Font, double-spaced) and submit your response to the assignment Dropbox.