Background Facts You Need To Know:Connor, Ali, Madison, and Sam recognize an essential early step in creating Clean-N-Shine ('Clean") is to agree on a business organizational form and clarify the owners'roles because each has different priorities, interests, and expectations about the business.

Businesses are created in one of several organizational structures or forms.Choosing a business structure involves several factors, including which structure is most favorable for the company and its owners.

The goal for Clean is to minimize legal risks and liabilities, as well as tax liabilities, for the owners and the business.The owners understand a business organizational structure can achieve this goal and can define their managerial roles and responsibilities clearly to satisfy their interests and maximize their areas of expertise.

Connor, Ali, Madison, and Sam agree that weighing and balancing advantages and disadvantages for the company and its owners is the heart of the process of choosing a business structure.The owners have met privately to discuss their decision.They are now ready to meet with TLG for further analysis, negotiation, and a decision regarding the Clean business structure.

Instructions:

To assist in this process, Winnie and Ralph asked you to assess several business structures and their characteristics advantages and disadvantages for Clean.Those structures are:

• General Partnership
• Limited Partnership
• Limited Liability Partnership
• General Corporation
• Limited Liability Company

Evaluate and synthesize this information, and do the following two things:

1.A comparison matrix needs to be createdthat would show the five types of business structures and compares and contrasts each type of business structure.

A chart format, table, or an excel chart may be utilized.

The chart should include several areas for comparison, i.e., the procedure for formation, cost of formation, etc.The chart should consist of various types of liability for comparison.

The chart should be an in-depth and comprehensive comparison.

Ensure the pros and cons of each organizational structure are compared in the chart.