ACC 561 Week 2 Assignment Small Business Analysis

 You are interested in establishing a small business and you must decide which of the four forms of business organization would best suit your unique product or service. Consider legal, tax, accounting, and other implications when selecting from the four business types.  Write a paper between 1,000 and 1,500 words discussing your small-business idea. Include the following: 1. The advantages and disadvantages of the four different forms of business organization, which include sole proprietorship, partnership, C-corporation, and S-corporations. 2. Identify which accounting method (i.e. cash versus accrual) you plan to use for your business.  Why did you select this choice?  3. An explanation of the product or service your small business provides.   4. State three business transactions you expect to incur with your company. Discuss how the transactions impact your income statement, balance sheet and statement of cash flow.  5. Select an organization type for your company and explain why you selected this option