What Are The Types Of Business Organizations ( Sole Proprietorship, Partnerships, And Corporations

1090 Words Jul 21st, 2015 5 Pages
The Cardigans want to expand their business ventures. Cora and Caley have discussed the idea of operating a home décor store with the Cardigan family logo on the goods. The idea behind this type of business is to advertise goods that will make consumers feel that their homes represent a Cardigan lifestyle. The Cardigans would like decide what to name their new business, as it is so different from their usual business variations of clothing and sweaters. Some of the names they have come up with include Homigans Fine Home Furnishings and Cardihome Furnishings.
Legal Questions
1. What are the pros and cons of three main types of business organizations (sole proprietorship, partnerships, and corporations) and which would be the best type to pursue?
2. Are the names that the Cardigans have suggested, wise choices for their proposed business? What issues may be present if they use either of these names?
3. According to California laws and the type of business you have recommended for the Cardigans, what type/s of filing requirements will Cora and Caley need to fulfill?

Answers to Legal Questions
What are the pros and cons of three main types of business organizations (sole proprietorship, partnerships, and corporations) and which would be the best type to pursue?
Some sole proprietorship pros would be; owner is in complete control and receives all the profits, flexibility, ease of creation and maintenance. Some cons would be; the owner is personally liable for all torts and…
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