Client Development On Their Company - 1119 Words

I would like to acknowledge the client development on their company, which makes a granite cleaning product. Being a sole proprietorship, our new client made a big accomplishment because the product has been sold in many major retail stores. This only brings big and better ideas to an individual owner of a company. While the client was involved in the sole proprietorship, there were different characteristics of the business that the expansion was required to be utilized, but there were still issues within the business. The client has informed me that they have recently encountered a problem with their distributor. At the point when the item landed in the merchant s area, the wholesaler rejected the item, saying that they have received†¦show more content†¦There will be many different, individuals, contracts, laws, and risks that the clients will have to face in order to accomplish their goal for their business. Hopson also mentioned that there are advantages and disadvantage s of the various entity choices for a growing small business that an owner intends to pass on to family members or sell upon retirement. Advisors must ensure that business owners understand the asset protection issues, tax advantages, and estate planning implications for the entity choice that the client will choose (2014, p.42). Before making the decision of the business entity, it is important that the client understands the different aspect of each of the business entities. With this in mind, small business owners and their advisors should examine the alternatives available (Miller, 2014, p.43). The client needs to be informed that going from a sole proprietorship to other business entities such as partnership, limited liability company, partnership’s, and corporation required a lot of research. A partnership required two or more individuals in an agreement to carry on as a co-worker of a business. It is important that both individuals have a professional and positive relationship in order to accomplish their goal together. The partnership is split up into two types of partnership, which is general and limited. The difference between the partnerships is that the general partnership doesn’t require formation, but limited partnership required