Other options besides partnership and corporation

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Reference no: EM133654619

Question

Parth and Brittany have been your best friends since grade school. You have decided to quit your respective jobs and start up a bakery together since you all love cupcakes. Parth insists he wants to start the business as a partnership. Amber says that she wants to start the business as a corporation. You want to weigh in and give your opinion as to the best form of business.

1. What are the options for business form? Are there other options besides partnership and corporation?

2. What does it take to create each form of business? What are the positives and negatives as to each type of business form?

3. What happens if you start running the business without choosing or creating a business form?

4. After considering Parth and Brittany's opinions, and your own research, which business form would you recommend to them and why?

Reference no: EM133654619

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