Pros and cons of main types of business organizations

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Reference no: EM13862586

Your Supervising Attorney P. Strami and his associate Hammond have been called out-of-state to consult on a high profile case. Mr. Strami has recently hired attorney Mable Bacon, as she has a great legal background in Business Law. P. Strami has briefly scribbled the following information on a sheet of legal paper and indicated that you, as lead paralegal, could help Mable research information to present to the Cardigans upon P. Strami's return to the office.

Dear Mable and Paralegal:

The Caridgans want to expand their business ventures. Cora and Caley have discussed the idea of operating a home décor store with the Cardigan family logo on the goods. The idea behind this type of business is to advertise goods that will make consumers feel that their homes represent a Cardigan lifestyle. The Cardigans cannot decide what to name their new business, as it is so different from their usual business variations of clothing and sweaters. Some of the names they have come up with include Homigans Fine Home Furnishings and Cardihome Furnishings.

Mable Bacon has come to you as the office's lead paralegal and asked for you to research the best type of business that would meet the needs of the Cardigans.

Using the facts P. Strami provided above, Ms. Bacon would like for you to prepare a 2-3-page double-spaced memorandum to Attorney Strami and her in size 12 Times New Roman font discussing the following in the order presented:

• Discuss the pros and cons of three main types of business organizations (sole proprietorship, partnerships, and corporations) and determine which would be the best type for the Cardigans.

• Research the names that the Cardigans have suggested and determine whether or not these would be wise choices for their proposed business. Indicate what issues may be present if they use either of these names.

• Using your state's laws and depending on the type of business you have recommended for the Cardigans, determine what types of filing requirements Cora and Caley will need to fulfill.

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Reference no: EM13862586

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