Samantha has a talent for making attractive but inexpensive jewellery and wants to set up a small business to sell some of her creations.She asks for your advice about setting up her firm,telling you that she wants to start her business as quickly and inexpensively as possible.In addition,she doesn't want to share control (or profits)with anyone else.Which form of business ownership would you suggest for Samantha?

Question

Quizplus · Accepted Answer

A sole proprietorship is the simplest and least expensive form of business ownership. It allows the owner to have full control of the business and keep all profits. It also minimizes the legal formalities and paperwork required to set up the business. As Samantha wants to start her business quickly and inexpensively without sharing control or profits with anyone else, a sole proprietorship would be the best choice for her. A corporation and LLC involve more complicated legal formalities and may require significant expenses, while a general partnership would involve sharing control and profits with another partner.

Samantha Has a Talent for Making Attractive but Inexpensive Jewellery