What is the situation? You are an entrepreneur who created a business about ten years ago. It has been very successful and has grown a lot in the decade since you launched the business. Now, you have a decision to make. Will you keep this growing business as a sole proprietorship, or will you change it into a partnership or corporation? Your employees expect you to announce your decision in just a few days! What is your task for this project? Your task is to create the text for a short speech that you, as the head of this business, would give to your employees to let them know what you have decided to do with the business. You may choose to (a) keep the business a sole proprietorship, (b) change it into a partnership, or (c) change it into a corporation (which we call “incorporating” the business). For the purposes of this project, you are welcome to decide what kind of product or service your business offers, but that is not required. It may just make it easier to decide what type of business structure would work best for the business you are running for this project. In your speech, you must do each of the following (in any order): • Announce what type of business structure your business will have (sole proprietorship, partnership, or corporation). • Explain the advantages that led you to choose this type of business structure. (For full credit, you need to accurately address multiple advantages, not just one.) • Explain the disadvantages that led you to decide against each of the other two options that you did not choose. (For full credit, you need to accurately address multiple disadvantages for both discarded options.)
