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Background

Please read the article http://www.sba.gov/category/navigation-structure/starting-managing-business/starting-business/choose-your-business-stru (Links to an external site.). (Also listed in the Readings & Tools for the week.) There are six articles with hyperlinks from that one page--one for each type of business structure. You will need to read all six before completing this discussion post. You are encouraged to do your own web searches--including the site for your state (also listed in Readings & Tools) --so that you have a good grasp of this topic. Even Wikipedia articles would be useful as a general bit of info to help.

And don't forget another type of structure--the nonprofit.

Prep Work

Once you have a good feel for the different types of business structures, you should be able to narrow the choice for your specific business idea down to a couple. Think about the different structures and your own situation. See if you can narrow down your thoughts to the one best for you. For example, sole proprietorship or partnership--a sole proprietorship has the most control and it's really easy to make a decision but a partnership has a team counting on each other and the partners will have a big personal stake...but partners who are family or friends sometimes hurt their relationship when business decisions are not unanimous or the business has challenges...and so on.

Prompt

After considering the pros and cons of the various business structures, please post on which one you think best works for you and why. Also post on concerns you have about the model.

Resources

A search of the Internet for something like "business structure chart" or "comparison" will give you a ton of resources--but we careful of signing up for anything. You can do the organization and startup of your business without hiring anyone so if you find a site promoting how they are going to help you, ignore it for now. There is a lot for you to see and do before you decide to take on that kind of extra help. (But enjoy their useful charts.)