Chapter 4: Selecting a Form of Business Ownership Answer the following questions in paragraph, full-sentence format. What questions would you ask yourself in choosing the appropriate legal form for your business? Describe the sole proprietorship form of organization, and specify its advantages and disadvantages. Describe the advantages and disadvantages of the partnership form of organization. Explain how corporations are formed and how they operate. Discuss the advantages and disadvantages of the corporate form of ownership. Examine special types of business ownership, including S-corporations, limited-liability companies, cooperatives, and not-for-profit corporations. What are a merger and an acquisition? How are they different, and how are they similar? Explain what a hostile takeover is.