You are interested in establishing a small business and you must decide which of the four forms of business organization would best suit your unique product or service. Consider legal, tax, accounting, and other implications when selecting from the four business types. Write a paper minimum 1200 words discussing your small-business idea. Include the following: 1. The advantages and disadvantages of the four different forms of business organization, which include sole proprietorship, partnership, C-corporation, and S-corporations. 2. Identify which accounting method (i.e. cash versus accrual) you plan to use for your business. Why did you select this choice? 3. State three business transactions you expect to incur with your company. Explain how the transactions will impact your income statement, balance sheet and statement of cash flow. 4. An explanation of the product or service your small business provides. 5. Your choice of business organization form for your new business. 6. Your rationale for choosing this form of business organization.
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