Business Startup

 

Activity Overview:

You will determine which business structure would be best for given scenarios.

Directions:

1.    Research the characteristics and advantages of different business structures.

·      Private corporation

·      Sole proprietorship

·      Partnership

·      Shareholder corporation

·      C corporation

·      S corporation

·      Limited liability company (LLC)

·      Cooperative nonprofit (co-op)

 

2.    Read each business scenario provided below.

 

3.    Determine the one or two business structures which would be best suited for the scenario.

 

4.    In the spaces provided, write a two- or three-sentence explanation for each scenario explaining why the chosen structure(s) is the most appropriate.

 

5.    Once completed, turn in your completed activity according to your instructor’s directions.

 

Scenarios:

1.    A family wants to open a bakery which sells homemade bread and pastries. They aim to keep operations small but might expand later.

Business Structure(s):

 

 

Explanation:

 

 

 

 

2.    An entrepreneur wants to buy a well-known fast-food franchise, which requires compliance with strict brand and operational standards.

Business Structure(s):

 

 

Explanation:

 

 

 

 

3.    A designer plans to open a boutique offering luxury clothing and accessories, targeting affluent customers.

Business Structure(s):

 

 

Explanation:

 

 

 

 

4.    A successful local clothing store is ready to expand into neighboring states.

Business Structure(s):

 

 

Explanation:

 

 

 

 

5.    A group of farmers wants to collectively market their produce to local and regional markets.

Business Structure(s):

 

 

Explanation:

 

 

 

 

6.    A family wants to create a scholarship fund in memory of a loved one to support students in their community.

Business Structure(s):

 

 

Explanation:

 

 

 

 

7.    Two lawyers decide to form a legal practice together.

Business Structure(s):

 

 

Explanation:

 

 

 

 

8.    A veterinarian wants to open a private practice, potentially hiring other vets in the future.

Business Structure(s):

 

 

Explanation:

 

 

 

 

9.    A chef wants to launch a food truck offering unique dishes with plans to eventually expand to multiple trucks.

Business Structure(s):

 

 

Explanation:

 

 

 

 

10.  An educator plans to start an online platform offering tutoring services in various subjects.

Business Structure(s):

 

 

Explanation:

 

 

 

 

 

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