ADM477 Best Form of Business Ownership and Sole Proprietorship

ADM477 Best Form of Business Ownership and Sole Proprietorship

Instructions/Descriptions

ADM477 Best Form of Business Ownership and Sole Proprietorship

If you have ever thought of starting your own business, you know how important it is to select the most appropriate business type to meet your needs. The sole proprietorship is by far the most popular type of business organization, because it is inexpensive, easy to form, and does not require formal incorporation. A sole proprietorship is still subject to various types of regulations, however. For example, you may have to register your trade name with the state, secure local business licenses, and collect both local and state sales taxes.

The idea of being one’s own boss is what makes the sole proprietorship so appealing to entrepreneurs. The major downside to owning a sole proprietorship is that you are personally exposed to unlimited personal liability. The sole proprietorship is not a legal entity, so it cannot be sued. So you could lose not only your business, but all of your personal assets, too, to satisfy a court judgment against your business.

One viable way to protect your personal assets is to purchase comprehensive business liability insurance. Insurance plans can be customized to fit your business needs. Insurance companies offer all kinds of sole proprietorship insurance policies. General liability policies cover everything from personal injury and property damage, to worker compensation, and cyber breach insurance.

Upon successful completion of the course material, you will be able to:

Compare the advantages and disadvantages of operating a business as a sole proprietorship.

Explain the advantages and disadvantages of operating a business as a limited liability company.

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