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Ten friends want to start an amusement park business. One of the friends is a French national living in Singapore. They have the capital to
Ten friends want to start an amusement park business. One of the friends is a French national living in Singapore. They have the capital to build and maintain the park! which will have a number of high-thrill rides. They expect the park to draw many visitors, especially teenagers. There will be a food court with a separate restaurant serving liquor. The ten are not sure yet who will manage the business and are considering a number of options. They want to share profits and losses equally and have the best tax treatment possible. Which of the following business entities is their best option? General partnership Limited partnership Corporation Limited Liability Company You decide to open a deli in a downtown location. You will serve a limited menu of soups and sandwiches. Your best friend thinks this is a great idea and wants to help with funding but does not want to be directly involved in the business. You expect to hire a small number of part-time employees. What is your best choice of business entity? Corporation Limited partnership General partnership Sole proprietorship A farmer decides to start a sandpit business on her land after discovering that she has access to very deep deposits. She will be the sole owner and already owns the equipment for mining the sand and gravel. She has entered into an agreement with another business to haul the product to customers. Luckily, the sandpit is located very close to town in a wooded area. She will have all orders for sand pre-paid by the customers. After the deposits are depleted, she plans to convert the sandpit lake into a picnic destination. Which is the best business entity for her purposes? Limited partnership Limited Liability Company General partnership Sole proprietorship
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