Describe various forms of business entities he might choose

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Sam Smith has invented and patented a new solar panel. His panels are cheaper to produce and more efficient than most solar panels currently on the market. He would like to manufacture and sell his solar panels to residential contractors for professional installation on commercial and residential buildings. There is a small chance that his solar panels might cause fires, if they are not installed correctly. To limit his liability, he plans to offer training videos of panel installation for all contractors who purchase his panels. Manufacturing these panels will require that he acquire several existing businesses that manufacture and package similar products. He has calculated that he will need to raise an additional $10 million in capital to start the business. He would also like to keep his personal taxes and personal liability as low as possible.

Describe the factors that are relevant when choosing a business entity and describe the various forms of business entities he might choose. State which type of business entity would be the best choice for his solar panel business and explain why.

Reference no: EM132181367

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