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Using the content form Module 2 (Ch. 4-5) respond to the prompt below.
You are a Business Consultant and Polly Monalta comes to you seeking business advice. Polly needs advice on the best business formation to establish for her coffee shop. Polly, now 30 years old, has been dreaming of opening a coffee shop since she was 15. She had envisioned a coffee shop located in the heart of the food court at the local mall. She wanted to color code the entire store in Fuchsia and add a bling edge to the entire perimeter of the store. She had very specific details of how she wanted to design her coffee shop. She worked the previous 12 years for Starbucks and had some amazing barista experience as well as management experience. She lives with her parents and was able to amass $72,000 in personal savings.
Using the content from what you learned from Module 2 “Starting and Growing a Business”, advise Polly on which business entity would be best for her in establishing her coffee shop. Consider her existing resources and the details of the coffee shop she has always desired.
In 300 words or more, distinguish for Polly in detail a Sole Proprietorship, Limited Liability Company, Corporation, a Partnership, and a Franchise. Give her a recommendation of which entity is best for her coffee shop. Explain to Polly, considering her resources and her dreams, why you have made this recommendation. Also, explain why the other entities would not be most profitable in her case.
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