1. Jim who recently quit his job after receiving a very large bonus payment is interested in forming his own business. He is not sure how to begin and he has asked you to help him identify and analyze what company formation options he has available. He can set up his business in the UK, Canada or the USA, he will go where you decide.

a. Please advise him on what it means to be unincorporated, the advantages and disadvantages

b. Then explain to him the significance of opening an incorporated business? What are the advantages and disadvantages of this type of business?

c. Then explain to him what is a Limited Liability Partnership? What responsibilities and liabilities do the partners have for themselves individually, to

the firm/to each other in the firm and to the public?

d. Explain to Jim if he needs additional capital to begin his new company what are some ways he could finance his new company?