Reference no: EM133433009

Business Forms:

1. When you set up your business, you decided to operate as a sole proprietorship (with one of you as the owner and one as an employee). Why was this a sensible decision for you? Your answer should reference at least two benefits of a sole proprietorship.

2. Now that your business is successful, you have each bought a vacation home and have accumulated $100,000 in savings. You think it's time to switch to a different business form. Identify which business form is the best option now in light of your business's success and assets.

3. Explain why this new business form is the best option. Your answer should reference at least two benefits of that business form, given your business's success and assets.

1. What are the consequences for you, as a business owner, if the business in its new form cannot pay a debt? Are your assets protected? Explain.

2. You enter into an agency arrangement with a marketing company to develop your social media presence and increase your customer base.

A. Explain how this arrangement works when the marketing company contracts with a social media influencer to promote your products. Who is bound by the contract - the marketing company or your business? Why?

B. If the marketing company buys advertising on a social media platform against your instructions, does your business have to honour the agreement? Why or why not?