Advisories for Small Business Administration Couns Essay

This essay has a total of 643 words and 3 pages.

Advisories for Small Business Administration Counseling

Advisories for Small Business Administration Counseling
• Advisory One
A general partnership between the doctors in the group is the type of business ownership
that should be recommended in this case. This ownership plan leaves the partnership open
to additional members and allows all the members to manage and share equally in any
profits. (Ebert et al, 2005)

This ownership plan is often utilized by professionals, such and doctors and lawyers, and
its advantages include few legal regulations beyond drawing a partnership document and
that it will be more likely for the partnership to get loans and funds than a sole
proprietorship. As well, the partnership can grow with the addition of new members or
partners and capital. (Ebert et al, 2005)

Several disadvantages include unlimited liability, which can potentially make all partners
liable for one partner's expenses and a potential lack of continuity when partners die or
retire. As well, all of the partners must concur when transferring ownership or selling
the firm, unless stipulated legally elsewhere, such as in a partnership document that
might give rights to sale to the founding partner. (Ebert et al, 2005)

• Advisory Two
The option of a limited liability corporation should be recommended to the applicant in
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