Name the corporation joys fantastic leather goods

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Reference no: EM132159186

IRAC(Issue-Rule-Application-Conclusion) the following factual Scenario: Joy Choi started making leather belts as a hobby. Later she learned how to cast bronze belt buckles. She was very successful selling these items to her friends. Joy has now decided to go into business for herself. After selling these items and other leather goods at various craft shows on weekends she feels ready for mass production. Joy desires to incorporate the best for of business organization taking the seven common factors for selection into account. She is very concerned about overall capitalization. Joy learns of the availability of a small shop location in a popular shopping mall. A friend, Yimming Kim, is willing to help her in her spare time. Suburban Bank & Trust is willing to lend Joy $15,000 as a startup. Joy has $25,000 in credit card capability. ABC Corporation is happy to provide Jot a line a credit for any purchases involving leather and brass materials. XYZ Partners is willing to add the business to their partnership and to admit Joy as a general partner if she chooses. Harold, Joy’s father, is so impressed with her business acumen that he would like to set up a close corporation or other form of business organization to include Joy’s mother, two brothers, and family pet Ruff. He would like to name the corporation “Joys Fantastic Leather Goods.” Harold currently serves as CEO in his specialty clothing store, “ROK Best Fits.” Your IRAC conclusion include support for the business organization chosen and its capitalization.

Reference no: EM132159186

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