ACC 561 Week 2 Small-Business Idea Paper

Imagine the government has released funds for creating small businesses. 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 of no less than 1,250 words discussing your smallbusiness idea. Include the following:
• The advantages and disadvantages of the five different forms of business organization, which include the following:

o Sole proprietorship
o Partnership
o C corporation
o S corporation
o LLC ~ Limited Liability Company

• The different types of financial statements associated with each form of business organization
• The following consequences associated with each form of business organization:
o Tax implications and Legal implications
o Accounting implications, such as SOX and FASB
• An explanation of the unique product or service your smallbusiness provides
• Your choice of business organization form for your new business
• Your rationale for choosing this form of business organization
Format your paper consistent with APA guidelines.