Lit1 Task 1 Wgu Stody Guide

LIT 1 - Task 1

SUBDOMAIN 310.1 - BUSINESS LAW

Competency : Organizational Forms

The following report will summarize the key differences between the various forms of legal business entities. The ownership forms covered will include sole proprietorship, general partnership, limited partnership, C-corporation, S-corporation, and Limited Liability Company. Also included will be a brief recommendation of the most appropriate form of ownership for the given manufacturing business.

Section A- For each of the various forms of business ownership, a brief description outlining the basic impact on the following criteria will be given;

• Liability

• Income Taxes

• Longevity or continuity of the organization

• Control

• Profit Retention

• Location

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