Law 4 Running Head: Law 1 Law About the present case: As stated in the present case, Penny Grey runs business of outdoor fitness as a sole trader, and she managed this business with the help of young family members. There are number of advantages of sole proprietorship which are stated below: Low set up cost Control of the business Easy to operate less regulations Simple structure There are some disadvantages also which must be kept in mind while choosing this business. Penny Grey that she can adopt corporation taxes structure
Running Head: Law 4 Running Head: Penny Grey
Central Queensland University
Corporations and Business Structures (LAWS20059)
Added on 2020-03-04
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Running Head: Law 1Law
Law2About the present case:As stated in the present case, Penny Grey runs business of outdoor fitness as a sole trader, and she managed this business with the help of young family members. Now, she wants to expand her business, and for this purpose she needs advice.Brief outline of the facts:Sole Proprietorship is the structure in which individual conduct the operations of the business,and such individual is responsible for all the factors of the business. It is the most simplest andinexpensive form of structure which can be chosen by the individual at the initial stage of thebusiness. Sole proprietorship is the business structure which has no separate existence from itsowner. There are number of advantages of sole proprietorship which are stated below:Low set up costControl of the businessEasy to operateless regulationsSimple structureThere are some disadvantages also which must be kept in mind while choosing this business.Some of these disadvantages are stated below:There is no separate legal entity from its members, which means owner of the business ispersonally liable for the debts of the business.Risk on continuous operations of business. In number of cases business shuts down afterthe death of the owner.
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