Monique (oty, a friend from college, asks you to form a partnership to import fragrances. Since graduating, Coty has worked for the French Embassy, developing important contacts among government officials. Coty believes she is in a unique position to capitalize on an important market. With expertise in accounting, you would have responsibility for the partnership's accounting and finance.

Requirements 

Discuss the advantages and disadvantages of organizing the business as a partnership rather than a proprietorship. Comment on how partnership income is taxed and how your taxes would change if you organized as a limited-liability company (LLC) or an S corporation.