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Business Entities

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Kelly and Karla were roommates at Lynn University and graduated last May. While on a post-graduation celebration trip to Costa Rica, the two women began exploring the idea of opening a restaurant on South Beach in Miami, Florida. Neither has any previous experience in starting or operating a restaurant, but both have extensive connections in the Miami-Dade area because of the many friends they made while attending Lynn. They intend to attract health-minded, college-age students to their new restaurant, The SoBe Health Hut. Kelly and Karla agree that each will invest equally in terms of time and money. However, in addition to these equal contributions, another $100,000 is essential for the restaurant to succeed.

1)    Explain the key elements of – and the differences between -- a sole proprietorship, a general partnership, a limited liability partnership, and a corporation. (65%)..Adress advantages and disadvantages of each.

In this question, explain meaning, advantages and disadvantages of each


2)    What type of the above four business entities is best suited for The SoBe Health Hut and why? In your answer, explain who will manage the store and what personal liabilities will Kelly and Karla face and why? (35%)

In this question; Indicate what type…and why

Who manage the story ….and personal liabilities?

And why.


ALL elements of each question must be present

You shall be graded on your complete and proper explanations, research and language usage, all as noted below. The report must be no more than 1,000 words and is to be submitted in typed, double-spaced form. A report that does not follow this form will be deducted per the grading rubric. This project is 15% of your overall grade


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Business Entities

Questions 1

Sole proprietorship

It is a form of business entity established and operated by one person. This form of business entity cannot be treated as a legal entity. The business unit owner solely enjoys all the profit realized from the enterprise and bore all the inherent risk alone (Spadaccini, 2009). A sole proprietorship can be operated under the owner’s name. The name of the business serves as a trademark name but does not give the business a legal entity separate from its owner. The sole proprietor must only register his or her name and obtain an operating license to get started. This form of business his easy to begin because few legal formalities and a small amount of capital is required to set up a new business.


Sole proprietorship form of business is easy to set up because little capital is required to begin operating. Besides, only legal formalities such as operating license and registrations of appropriator's name are required to get the enterprise started.

The business owner is...


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