Please Read Question:

Based on the advantages and disadvantages of each of the following forms of businesses, give an example of a business that would be best suited to that particular form. Be sure to explain why that is the best option for the particular business.

(1) Sole proprietorship

(2) Limited partnership

(3) Corporation

(4) Limited Liability Company

Please read the answer:

Based on the advantages and disadvantages of each of the following forms of business, give an example of a company that would be best suited for that particular form. Be sure to explain why this is the best option for that particular business.

(1) Individual company It's any kind of informal service-based business, even a restaurant. The owner has autonomy to manage his business, has the right to receive all profits and only pays personal income tax.

(2) Limited partnership It is a type of partnership commonly used in family businesses, where partners are co-owners of a business and have joint control over its operations. They share profits and losses and each partner has limited liability for acts performed within the partnership relationship, which means that they are responsible for commercial debts in proportion to their initial investment.

(3) Corporation Churches are not-for-profit corporations, but they intend to make a profit. However, this profit goes towards operating costs or charitable causes. Due to this status, they are not required to pay corporate taxes.

(4) Limited Liability Company First-time business owners often use LLC benefits to structure their businesses because of personal liability protection and tax advantages, as well as the flexibility to change the purpose of the business as it grows.

Please answer the Question:

Based on the answer provide, are you agree or disagree, and why?