Choose three of the five types of entities from a legal perspective (corporation, LLC, general partnership, limited partnership and sole proprietorship not organized as an LLC) and discuss the following:

What formalities, if any, are required to form each type of entity?

What benefits does each type of entity offer in terms of liability protection?

What characteristics does each type of entity have with respect to ownership (example: a corporation is more likely to have ownership separate from management)?

If no election is made what is the default tax entity for this legal entity?

What type of business might each be well-suited for (large, small, local, international)?