Bob and Barb Big want to open a burger franchise in their hometown. They recently received an estate from a relative valued at approximately $300,000. They own their home and have a modest savings account.
Is it sole proprietorship, partnerships, LLC or corporation. You must support you answer by evaluating the needs of the particular business and the characteristics of the entity chosen. Evaluate for tax concerns, potential liability, governance, continuity, raising funds, and maximizing opportunities. Do not use platitudes or personal preferences as a rationale, rely solely on facts.