Explain what need or service the business addresses, name the specific participants in the business, and discuss the specific inputs and outputs necessary for the business.

Limited Liability Company

You are to show that you understand the value of small businesses, in particular the Limited Liability Company as a viable form of business for a small entity by evaluating the LLC in your own words, for a proposed business you are going to start.

The Assignment

First: Choose a type of small business that would be your dream business, tell the type of business, such as florist, online sales site, restaurant, auto-parts retail store, etc. Name your business – your choice! Be careful to explain what need or service the business addresses, name the specific participants in the business, and discuss the specific inputs and outputs necessary for the business.

Next: Using the advantages of the LLC tell why this would probably be most advantageous for you. Include all the key advantages of the LLC, but also one disadvantage of each of the other forms; proprietorship and corporation, and relate them to your chosen business.

Finally: Fully explain the challenges that may be faced in operating an LLC in a Planned Economic System, including the freedoms the business might enjoy as well as the road blocks it might face. Think carefully here! Be sure to also describe the challenges a business may avoid by locating within a mixed economy.