Answer:
a. Sole proprietorship
b.
1. Its easy to form and manage
2. The sole proprietorship structure offers an easy way to file tax returns
3. The business owner also enjoys all the profits made from the business.
Explanation:
When starting a business, the most important decision the one can ever make is the type of business structure that best defines your business. The type of business structure chosen will determine the amount of tax liability, amount of paperwork to be done and the type of liabilities to be faced. These are all factors that need to be considered when choosing a business structure, to ensure a more efficient running of a business structure. Consider an editing and proof reading business. Editing and proof reading service are always needed in the market. One can start as a freelance, then explore other ways to attract more clients. Luckily, there are platforms that where people can gain access to more freelancing jobs and offers. This is a small business idea that only needs access to a personal computer that is internet enabled. The working hours are also flexible since one can chose when to work.
The best business structure for such a business would be sole proprietorship. The reasons for choosing this type of structure are as follows;
1. Since it's a business that I would like to do alone, sole proprietorship is the best choice of structure to go for due to it's simple structure. It is easy to form and manage.
2. The sole proprietorship structure offers an easy way to file tax returns due to the fact that all the expenses and income from your business can be included in your personal income tax return.
3. The business owner also enjoys all the profits made from the business.
