I don’t understand this Accounting question and need help to study.
John Beck and Joan Bishop are thinking about opening a new restaurant. Ms. Bishop is a “people person” and has extensive marketing experience but does not know that much about food preparation. However, Mr. Beck is an excellent chef. While both will actively work in the business, Ms. Bishop will provide most of the funds necessary to start the business. At this time, they cannot decide whether to operate the business as a partnership or a corporation. Perhaps you can help them decide.
1) What are two main advantages of forming a corporation? What is the biggest disadvantage? EXPLAIN your answers; use sentences, not a list. Cite all sources used.
2) What are two main advantages of forming a partnership? What is the biggest disadvantage? EXPLAIN your answers; use sentences, not a list. Cite all sources used.
3) Which type of organization would your recommend for Mr. Beck and Ms. Bishop? Write three or four sentences explaining why they should follow your advice. Be sure to mention the specifics of their case in your arguments.
- Use your own words. Do not copy and paste sentences from the internet.
- Please fully cite all sources used (including the text).
- Check your work for spelling and grammar.
- Respond thoughtfully to two other students’ posts. Be sure to address each student by his or her name.
- As always, your original post is due on Sunday night, with replies due on Tuesday night.
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