There are different types of business organizations including sole proprietorship, corporations and partnerships. The ideal form of business organization depends on the needs and preferences of the business owner. The business that I would wish to start is a company that deals with renewable energy. This business would involve selling solar products that are cheap, eco-friendly and promotes the use of renewable energy sources. Since sole proprietorship can limit the growth of such a business and partnership have unlimited liability, a corporation would be the best form of business organization for the renewable energy business as it will help to capitalize on the chances of financial and operational success.
In recent times, the renewable energy industry has experienced significant growth mainly because the common sources of energy have become increasingly scarce and expensive. The renewable energy business will involve providing solar products with the aim of energy conservation. In order to start the business, it will be necessary to have a start-up capital, check for the required permits in the local governing bodies, seek information about the renewable energy industry, identify suppliers and target customers, create a business and marketing plan, and execute the business plan. For such a business, the best form of business organization will be a corporation.
The intended business is mid-sized with regional and international growth prospects. As a result, I want a business form that will enable me to retain some form of ownership while still providing protection from legal liability. Consequently, the renewable energy business will adopt the S corporation form of business whereby the business will be a s...
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...a corporation is a lengthy and costly process involving choosing a business name, directors, filing articles of incorporation, paying filing fees, incurring legal and clerical expenses, and following several state and national requirements. In addition, corporations are prone to double taxation. However, partnerships and sole proprietorships involve fewer regulations than corporation and are not subject to corporate income taxes.
Given the nature of the renewable energy business, the best form of business organization would be a corporation. This is because a corporation will ensure unlimited commercial life, limited liability and flexibility in raising capital. Despite the limitations of corporations that include regulatory restrictions and double taxation, a corporation will enable the financial and operational growth and success of the renewable energy business.
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