Which type of business organization is best for Tim? Explain the advantages and disadvantages of your selection and why your answer is best based upon the applicable law.

Explain the best solution to the scenario below, be sure and use proper legal citations both in text and references at the end in APA format.   No more than 20% can be quoted material.

 

Part 1

 

Tim Taylor operates a home improvement business performing various fix-it-up projects, including some car repairs.  Tim is well known for his fun personality and quality work, so he has plenty of loyal customers to keep him busy, along with one full time employee, Al.  Tim occasionally rents out some of his tools and equipment to friends and clients.

About a year ago, Tim started purchasing foreclosed homes, renovates them and then rents or sells the homes.  Some of the homes are financed through various banks.

Tim and his wife, Jill, own a home, in which they have a reasonable amount of equity.  Jill manages the books and other accounting responsibilities for the business.

Which type of business organization is best for Tim?  Explain the advantages and disadvantages of your selection and why your answer is best based upon the applicable law.

 

Part 2

 

Create a new business that you would like to operate. Would you select an LLC, an LLP, or a corporation to form your company? Provide a detailed explanation as to why that entity would be appropriate for you. Support your choice with the applicable law and/or text materials. Search for information related to doing business in your state and provide the requirements for the option you selected, as applicable.

 

My state is Ohio so please use that as the guideline for the state requirements.  Also cite all in legal, APA format.

 

This is all 1 discussion assignment so 1 Reference section at the bottom is fine and include any in text citations and be sure to do any “quotes” properl

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