Which of the 11 business types did you choose from the list above? Who are the owners/founders besides yourself, if any? Who are your potential customers?

Principles Of Marketing
17th Edition
ISBN:9780134492513
Author:Kotler, Philip, Armstrong, Gary (gary M.)
Publisher:Kotler, Philip, Armstrong, Gary (gary M.)
Chapter1: Marketing: Creating Customer Value And Engagement
Section: Chapter Questions
Problem 1.1DQ
icon
Related questions
Question

Choose which business form — sole proprietorship, "S" Corporation, "C" Corporation, LLC, 501(c)(3) — you would use for one of the following businesses that you would like to own if you could:

  1. An online shoe store with best friend
  2. A community fresh produce market
  3. Paralegal consulting services
  4. Catering business — three acquaintances who met on a food website
  5. Technology consulting services
  6. 3 Guys and a Girl Car Repair
  7. Bookkeeping business — five accounting graduates' startup
  8. Interactive gaming design with two family members
  9. Secondhand clothing consignment shop with one dressmaker and a seamstress
  10. Home services business — large business with one knowledgeable owner and one banker/investor
  11. Food truck franchise

Respond to the following questions:

Explain:

  • Which of the 11 business types did you choose from the list above?
  • Who are the owners/founders besides yourself, if any?
  • Who are your potential customers?
  • What makes your business unique in the marketplace?
  • What are the strengths? After you choose a business form, explain the following:
    What are the strengths or benefits of this type of business form concerning taxes and liability, based on the type of ownership and customer?
  • What are the weaknesses? Do you need a board of directors? What are the pitfalls of this type of structure and why, based on the type of business being conducted?

 

Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 4 steps

Blurred answer
Knowledge Booster
Types of Business Ownership
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, marketing and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Principles Of Marketing
Principles Of Marketing
Marketing
ISBN:
9780134492513
Author:
Kotler, Philip, Armstrong, Gary (gary M.)
Publisher:
Pearson Higher Education,
Marketing
Marketing
Marketing
ISBN:
9781259924040
Author:
Roger A. Kerin, Steven W. Hartley
Publisher:
McGraw-Hill Education
Foundations of Business (MindTap Course List)
Foundations of Business (MindTap Course List)
Marketing
ISBN:
9781337386920
Author:
William M. Pride, Robert J. Hughes, Jack R. Kapoor
Publisher:
Cengage Learning
Marketing: An Introduction (13th Edition)
Marketing: An Introduction (13th Edition)
Marketing
ISBN:
9780134149530
Author:
Gary Armstrong, Philip Kotler
Publisher:
PEARSON
MKTG 12:STUDENT ED.-TEXT
MKTG 12:STUDENT ED.-TEXT
Marketing
ISBN:
9781337407595
Author:
Lamb
Publisher:
Cengage
Contemporary Marketing
Contemporary Marketing
Marketing
ISBN:
9780357033777
Author:
Louis E. Boone, David L. Kurtz
Publisher:
Cengage Learning