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Posted: May 11th, 2022
One of the options for Karen is an LLC
Coursework
One of the options for Karen is an LLC. An LLC is an entity where owners are not legally responsible for a company’s liabilities or debts. Under the state law, an LLC is not considered to be a corporation; instead, it is a lawful type of a company that provides limited liability to the owners (Miller & Jentz, 2017). Since her experience is with financial software, Karen is very concerned that any mistakes might cause her clients to lose a lot of money. In this regard, it may be advisable for her to consider venturing into an LLC since her assets will be protected. In case she messes up, she will be protected from lawsuits and possible liabilities.
The other option is sole proprietorship. A sole proprietorship is a form of enterprise that one individual owns and runs and which no legal difference exists between the owner and the enterprise (Maeda, 2011). The benefit of this form of business is that it is easy to form and/or set up. As such, setting it up needs very few legal formalities and start up costs are very small. Since Karen has some idea about running her own business, this may be a good choice for her. It is important to note that Karen thinks that she will need approximately $75,000 in funding to start the business yet currently, she only has $50,000. Evidently, she requires an extra $25000 for her business. For this reason, she needs to venture into a form of business that is not expensive to start; the sole proprietorship may be just it. Moreover, she will not incur extra costs in form of taxes because sole proprietorships are associated with simpler taxation processes.
References
Maeda, M. (2011). The Encyclopedia of small business forms and agreements: A complete kit of ready-to-use business checklists, worksheets, forms, contracts, and human resource documents with companion CD-ROM. Atlantic Publishing Company.
Miller, R., & Jentz, G. (2017). Cengage advantage books: Business law today: The essentials. Cengage Learning.
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