Question

Paragraph Styles Create a discussion post that outlines your intended career within the science, technology, engineering and math sector If you were to start a business in your career field, what business entity do you think would be most appropriate for this industry (sole proprietorship, LLC, Partnership or corporation)? Explain in your discussion the reason why this business entity would be appropriate for this industry and some of the advantages and disadvantages of the entity of choice.

Answer 1

My intended career in science and technology would be starting a company that would be working in the agricultural sector, its core philosophy would be based on the concept of sustainable development.
As we know, world population is increasing rapidly and with this the habitable land is decreasing significantly, plus the severe effects of climate change is making work for farmers tough day by day, my company’s aim would be to research and develop practical solutions to tackle these problems so that farmers are able to produce enough for the population while also taking care of the environment by using eco-friendly tools in farming.

In my view, LLP or Limited Liability partnership would be the most appropriate option in this industry, because in LLP, there is no limit on the number of owners that can be involved with the business. This evenly spreads out the amount of liability that each partner can have if something were to go wrong with the business.
Limited liability partnerships limit liability. Since there are multiple owners involved in the business all of the risks of the business are spread out and made much smaller than if a single person was responsible for the business on their own.
Another one of the great benefits of operating underneath an LLP is how you file taxes. The partnership itself doesn’t have to file taxes as a business, which provides great breaks for the company.
Flexibility is a defining characteristic of limited liability partnerships. Each partner in the business has the ability to decide how much they want to contribute and how much of a partner they truly want to be in the business. They are also not obligated to participate in business meetings or consultations with anyone that they do not feel the need to.

Some of the disadvantages of a Limited Liability Partnership are some states do not allow them to form or operate in their region. Another big problem is that many states do not recognize LLP’s as a legal business.
Just like some states do not recognize, the majority of the rest pose large tax limits on limited liability partnerships.