Dolly is a successful business woman who owns 100% of her own company entitled, Furnishings Plus, Inc.
business
Description
Assignment
10: Dolly, Molly, and Polly…
Dolly is a successful
business woman who owns 100% of her own company entitled, Furnishings Plus,
Inc. The business consists of two stores located side-by-side on Cedros
Street in Solana Beach. Furnishings Plus also has a web presence where
they do approximately 80% of their sales via e-commerce.
This
is Dolly’s full time business venture and her success has taken 5 years of very
hard work and much personal sacrifice. She just got done paying back all
friends and family for the money they loaned in her over the hard years. She
now owns 100% of the stock, servers as the one Board of Director, and is the
Corporation’s only Officer.
Molly is Dolly’s life-long
best friend and Molly shops quite frequently at Furnishings Plus.
Molly
is a very successful top print model known in the fashion industry for having
perfect legs and has a long term contract with a major fashion designer in NYC.
Over coffee, Molly and Dolly
decide they want to open a new business venture together that would incorporate
Dolly’s business experience and Molly’s modeling fame. They plan to call
it “Legs Plus” and will offer high end designer furnishings that are a perfect
fit for everyday and designer bodies.
The new store will be
located in La Jolla Village on Prospect and also plan to have a web store on
the internet. They want to get started as soon as possible and be
up and open for the coming spring season.
However, they are undecided
as to whether to create the new company as a partnership, limited
partnership, limited liability company, c-corporation, or s-corporation. They
ask you for advice…
Please
respond to the following numbered questions:
1) What
are the advantages and disadvantages of each of the business forms listed as
options? [partnership, limited partnership, limited liability company,
c-corporation, or s-corporation]
To
earn the Assignment points here of 10 points total... a complete response to #1
above is all you need to finish this Assignment 10!
