ADM 477 Business Ownership and Sole Proprietorship
Order ID 53563633773 Type Essay Writer Level Masters Style APA Sources/References 4 Perfect Number of Pages to Order 5-10 Pages Description/Paper Instructions
ADM 477 Business Ownership and Sole Proprietorship
If you have ever thought of starting your own business, you know how important it is to select the most appropriate business type to meet your needs. The sole proprietorship is by far the most popular type of business organization, because it is inexpensive, easy to form, and does not require formal incorporation. A sole proprietorship is still subject to various types of regulations, however. For example, you may have to register your trade name with the state, secure local business licenses, and collect both local and state sales taxes.
The idea of being one’s own boss is what makes the sole proprietorship so appealing to entrepreneurs. The major downside to owning a sole proprietorship is that you are personally exposed to unlimited personal liability. The sole proprietorship is not a legal entity, so it cannot be sued. So, you could lose not only your business, but all of your personal assets, too, to satisfy a court judgment against your business.
One viable way to protect your personal assets is to purchase comprehensive business liability insurance. Insurance plans can be customized to fit your business needs. Insurance companies offer all kinds of sole proprietorship insurance policies. General liability policies cover everything from personal injury and property damage, to worker compensation, and cyber breach insurance.
Upon successful completion of the course material, you will be able to:
Compare the advantages and disadvantages of operating a business as a sole proprietorship.
Explain the advantages and disadvantages of operating a business as a limited liability company.
Resources
Website: U.S. Small Business Administration
Video & Transcript: Beyond Food Carts
Background Information
The many different forms of business organizations are a reflection of the United States’ expansive business environment. Some businesses operate as sole proprietorships, while others incorporate. The decision to choose one business entity over another often is tied to business risks and financing concerns. Because of the risks associated with unlimited liability, sole proprietorships are notoriously hard to fund. Sole proprietors have a very hard time securing capital from investors or loans from banks. Therefore, entrepreneurs often seek alternatives, such as a member-managed limited liability company.
The limited liability company is a separate business entity. Therefore, liability is limited to the amount an entrepreneur has contributed to the business. With a limited liability company, an entrepreneur can retain control over the day-to-day operations by designating himself or herself as the acting manager. The entrepreneur also can include a provision in the operating agreement that prevents fellow members from removing him/her from the LLC without consent. Its limited liability status means that it is easier to attract investors.
Instructions
Review the rubric to make sure you understand the criteria for earning your grade.
View the videos available on the U.S. Small Business Administration website to learn more about the process of outlining and developing a business plan. Developing a business plan can actually help an entrepreneur better decide what type of business structure best fits his/her needs.
View the video “Beyond Food Carts.”
By definition, a sole proprietorship is an unincorporated business owned by one person known as the sole proprietor. The majority of U.S. businesses are owned and operated as sole proprietorships.
Write a one- to two-page letter advising a hypothetical sole proprietor to choose another form of business ownership. Explain why he or she should convert the sole proprietorship to another form of business ownership (for example, a traditional “C” corporation, an “S” corporation, or a limited liability company).
ADM 477 Business Ownership and Sole Proprietorship
RUBRIC
QUALITY OF RESPONSE NO RESPONSE POOR / UNSATISFACTORY SATISFACTORY GOOD EXCELLENT Content (worth a maximum of 50% of the total points) Zero points: Student failed to submit the final paper. 20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. 30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. 40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. 50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. Use of Sources (worth a maximum of 20% of the total points). Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper. 5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. 10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. 15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources. 20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. Grammar (worth maximum of 20% of total points) Zero points: Student failed to submit the final paper. 5 points out of 20: The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors 10 points out 20: The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors 15 points out of 20: The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. 20 points: The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. Structure of the Paper (worth 10% of total points) Zero points: Student failed to submit the final paper. 3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. 5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements. The student also significantly writes too large or too short of and paper 7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. 10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper. GET THIS PROJECT NOW BY CLICKING ON THIS LINK TO PLACE THE ORDER
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