In a simulation, CEO students experienced the financial hardships a business owner can face depending on the type of organization the business is.
Jared Ell, ecosystem navigator with West Central Business Development Center, set up each CEO student as a different type of business--sole proprietorship, partnership, LLC, S Corp, and C Corp. Each given the same set of circumstances, students saw money coming and going from their hands. However, some lost personal assets because liability wasn't limited to their business. The value of an LLC was driven home.
CEO students have a variety of individual businesses they are creating. Many have learned attaining an LLC is well worth the $95.
#miehq #scottcollegeofbusinessisu #ISBDC #westcentralbusinessdevelopmentcenter #jaredell