Case Scenario:
Bob and Jane are husband and wife. Bob enjoys woodworking as a hobby and he has made several windmills and other pieces for decorating his yard. Jane is an excellent seamstress and enjoys making crafts, holiday decorations, and household decorations.
They are both tired of working for someone else and want to start their own business. They are not sure what they want to name their business, but would like the name to let their future customers know what it is their company manufactures. They also do not know what form or organization their business should take, and they are not sure of how long they want their business to last. They do know that they want to be the only people who have ownership in the business.
Assume you are an attorney, and that Bob and Jane schedule an appointment with you to discuss their new business and the form it should take.
Write an essay answer and include the following:
Q1. If you were an attorney, which type of business organization would you suggest for your clients (in the fact situation presented above)? Explain why you believe the type of business organization you have chosen is best for the couple. Explain the steps required for getting the business started. Explain the disadvantages of the business structure you have chosen.
Q2. Discuss one or two forms of business organization you do not believe would work for the couple. Explain why.