Business Scenario:

You have a great idea for a new mobile app. You do not have any technical expertise to create one, however, nor do you have any idea on how to attract the money you need to get your idea off the ground or marketed. You are partway through your diploma at BCIT and have a couple of friends in your class who have some of the skills and connections you think you need. You talk to them at great length about your idea, and the three of you decide to go into business together to see if you can make this work.

question: Which form of business organization would you choose and why? Outline the advantages and disadvantages of the form of organization you choose, and explain what you would do to overcome the disadvantages. What additional agreements or contracts would you need and why? Include a discussion of potential funding, control, profit sharing, exit strategies, and anything else you can think of that you would have to take into account in going into this business venture.