Small business

Imagine the government has released funds for creating small businesses. You are interested in establishing a
small business, and you must decide which of the four forms of business organization would best suit your unique
product or service. Consider legal, tax, accounting, and other implications when selecting from the four business
types.

Write a paper discussing your small-business idea. Include the following:

• The advantages and disadvantages of the four different forms of business organization, which include the
following:

o Sole proprietorship
o Partnership

• The different types of financial statements associated with each form of business organization
• The following consequences associated with each form of business organization:

o Tax implications
o Legal implications
o Accounting implications, such as SOX and FASB

• An explanation of the unique product or service your small business provides
• Your choice of business organization form for your new business
• Your rationale for choosing this form of business organization
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