Compose a memo of at least two paragraphs advising Tran which business structure he should choose for his growing business. In your analysis, be sure to include the following information:

his greatest strengths as an entrepreneur
some probable challenges he might have faced or will face in the future
the type of business structure you would recommend
benefits of the structure you would recommend as applied to his particular situation
Be sure to use proper grammar, an introduction and a conclusion, transitions, and information from the article.

Tran,

It was wise of you to capitalize your knowledge of Asian food and specialize in familiar dishes. Viet-Wah is indeed unique because it specializes in Vietnamese, Thai, and Chinese food. It helps that these cuisines enjoy widespread popularity.

Being an established and popular store, Viet-Wah surely has plenty of loyal customers. However, the new generation of customers is quite different from the older generation. Catering to this generation of customers could pose challenges. First, customers today expect businesses to have an online presence and to provide amenities such as free delivery, online delivery, online discounts, and so on. You could face competition from businesses with smarter online strategies. However, your daughter Leeching is more in tune with the younger generation. She knows the importance of social media and is therefore a big asset for Viet-Wah. Second, the new generation of customers wants food that is healthy, delicious, and easy to cook. It may be challenging to find products that can fulfill all three criteria.

To prepare for the future, I think you would benefit by turning Viet-Wah into an LLC and adding Leeching as a partner. Viet-Wah will not be a separate tax entity, so paying taxes won’t be complicated. More important, your personal assets would be protected from liabilities. You could incorporate the business instead, but incorporating would entail high costs and a lot of recordkeeping and paperwork. Therefore, incorporating would make sense only if you intend to expand the business on a very large scale.

Explanation: Plato answer

you will have $2593.74 in 10 years if you set aside $1,000 at 10%

you will have $9321.91 in 20 years if you set aside $2000 at 8%

you will have $1469.32 in 5 years if you set aside $1000 at 8%

you will have $1296.87 in 10 years if you set aside $500 at 10%

you will have $239.66 in 15 years if you set aside $100 at 6%

you will have $4660.96 in 20 years if you set aside $1000 at 8%