Question: scenario wanda is concerned that if she grows the business...
Wanda is concerned that if she grows the business, she may face more financial and personal responsibility and liability than she is comfortable with. After reading this module, you know that one way to limit the liability and financial exposure of a business owner is by selecting the appropriate legal structure. However, there is no “magic bullet,” and each form of ownership has its advantages and disadvantages.
1. Consider the options available to Wanda as she selects a legal forms of ownership for Salty Pawz and expands the business. For each form of ownership, carefully study the advantages and disadvantages of each legal ownership option specific to Wanda’s businesses. Which form of ownership would you recommend for Wanda and Salty Pawz and why?
2. What if YOU were a business owner and you needed to select a legal form of ownership? Would you select the same form of ownership you just recommended for Wanda? What would YOU take into consideration if YOU were the owner and needed to select from the ownership options available to Wanda? Are they the same things Wanda needs to consider or are they different?