UMUC General Partnership Worksheet

General Instructions•
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Read/watch all assigned materials listed for the week in the Course Content
Cite to assigned materials in all responses
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Use only assigned materials to complete; do not use the internet unless
otherwise instructed
Include in-text citations and a Reference List for in-text citations
Write in correct, complete sentences, in paragraph format unless otherwise
instructed
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Tips for Formatting and Structuring Analysis:
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Write in complete sentences in paragraph format.
Use in-text citations citing to relevant assignment materials.
Double-space; 12-point Arial or Times Roman font.
Introductory Sentence: Begin with an introductory sentence or very brief
paragraph that states your conclusion to the questions asked.
Concluding Sentence: End the discussion with a concluding sentence or a
very brief paragraph that summarizes your conclusion/what you discussed.
Support Arguments and Positions: Please refer to the module in Content,
“How to Support Arguments and Positions”.
Use the American Psychological Association (APA) citation format for all
citations.
Background Facts You Need To Know: In addition the background facts set
forth here, you must consider the facts set forth in the course introduction.
Connor, Denise, Larisa, and Sam recognize an essential early step in creating Viral
Clean (‘Clean”) is to agree on a business organizational form and clarify the
owners’ roles because each has different priorities, interests, and expectations about
the business.
Businesses are created in one of several organizational structures or
forms. Choosing a business structure involves several factors, including which
structure is most favorable for the company and its owners.
The goal for Clean is to minimize legal risks and liabilities and tax liabilities for the
owners and the business. The owners understand a business organizational
structure can achieve this goal and define their managerial roles and responsibilities
clearly to satisfy their interests and maximize their areas of expertise.
Connor, Denise, Larisa, and Sam agree that weighing and balancing advantages and
disadvantages for the company and its owners is the heart of the process of choosing
a business structure. The owners have met privately to discuss their decision. They
are now ready to meet with TLG for further analysis, negotiation, and a decision
regarding the Clean business structure.
Instructions
To assist in this process, Winnie and Ralph asked you to assess several business
structures and their characteristics, advantages, and disadvantages for Clean. Those
structures are:
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General Partnership
Limited Partnership
Limited Liability Partnership
General Corporation
Limited Liability Company
Evaluate and synthesize this information, and do the following two things:
1. Chart You Need to Prepare: Create a comparison matrix showing the five
types of business structures and comparing and contrasting each type of
business structure.
You may use the chart format in the hyperlink above, or create a similar chart, or
create an excel chart.
The chart should include several areas for comparison, i.e., the procedure for the
formation, cost of formation, etc. The chart should consist of various types of liability
for comparison.
The chart should be an in-depth and comprehensive comparison.
Ensure the pros and cons of each organizational structure are easily and compared in
the chart.
2. Report You Need to Prepare: Write a report to Clean owners:
A. recommending a business structure for Clean that best minimizes tax and
personal liability for the new business and its owners
B. explaining and justifying your recommendation, specifically and in detail.
Tips for Formatting Report: The report should use the following format
Report
TO:
FROM:
Winnie James, Ralph Anders
(your name)
RE:
DATE:
1.
2.
Clean Business Structure