Due Day 3 Respond to the following in a minimum of 175 words: For this discussion, please use either an existing new business idea or an imaginary new business. Assume that you are opening the business of your choice. Describe the type of business you are opening and the selected legal structure (i.e., sole proprietor, partnership, corporation). Explain why you selected that business structure, with particular emphasis on the tax implications of it. I DON'T NEED THIS PART

Due Day 7 Reply to at least 2 of your classmates. Be constructive and professional in your responses.

NEED RESPONSE TO THIS ......I would love to build a business where they provide services such as personal training and cooking healthy food for the customers. It is a business where they have a gym and a restaurant combined. There are many people out there who go to the gym and workout but dont really have clear guidance and the motivation to eat healthy and delicious or vice versa. The physical training and the food that the business will provide will be completely customized specifically towards each customer depending on their health, taste or schedule. This will be a limited liability company where they provide the same limited liability as a corporation, but easier and cheaper to form and run. I think one of the benefits is that my personal assets are protected in an LLC. LLCs ordinarily provide their owners with pass-through taxation. The profits or losses the business incurs pass through the business to the owners personal tax return. Such profits are taxed at the owners personal tax rates.