ACC 561 Week 2 Personal Assignment: Small-Business Idea Paper

Week Two Individual Assignment: Small-Business Idea Paper

Write a 1,250  word paper discussing your small-business idea.

Include the following:

• The advantages and disadvantages of the four different forms of business organization, which include the following:

• Sole proprietorship

• Partnership

• C corporation

• S corporation

• The different types of financial statements associated with each form of business organization.

• The following consequences associated with each form of business organization:

• Tax implications

• Legal implications

• Accounting implications, such as SOX and FASB

• An explanation of the unique product or service your small business provides.

• Your choice of business organization form for your new business.

• Your rationale for choosing this form of business organization.