This week the focus of our discussion will revolve around the different types of business formation. The 3 main formation types are sole proprietorship, partnership, and corporation. After reading Chapter 5, viewing the PPT presentation slides, listening to the YouTube video, and reading the article on business partnerships, please respond to the following:
1. If you were going to start a business other than a franchise, what would it be and what business formation option would you use? Explain your reason for your business formation choice.
2. According to the YouTube video, becoming a coporation has many benefits. Are there any drawbacks. For your chosen business, do the advantages outweigh the disadvantages?
3. With regard to the Businessweek article on partnerships, under what circumstances would you be willing to form a partnership? What are the pros and cons of doing so?