Critical Thinking Problem 1.1 (Static) Which Type of Business Entity? Since graduating from college five years ago, you have worked for a national chain of men's clothing stores. You have held several positions within the company and are currently manager of a local branch store. Over the past three years, you have observed a pattern in the purchases of men's suits. You establish that the majority of men's suit purchases are black, brown, blue, gray, and olive. You also noticed that French cuff shirts are now fashionable, but few stores carry a wide color selection. Because you have always wanted to be in business for yourself, you decide to open a shop that will sell suits that are black, brown, blue, gray, and olive and to carry a wide array of colors of French cuff shirts. Your store will also sell fashionable ties and cuff links. You have decided that your store will brand itself for focusing on men's fashion; therefore, the name for your store will be "The Style Shop." You have discussed your plan with a number of people in the industry, and they believe your idea is a viable one and have encouraged you to pursue your dream of becoming an entrepreneur. A new upscale outdoor shopping mall is opening nearby, and you have decided that now is the time to take the plunge and go into business for yourself. After developing a comprehensive business plan that includes marketing strategies and financial projections, you decide to open The Style Shop in the new mall. One of the things you must decide in the process of transforming your idea into reality is the form of ownership for your new business. Should it be organized as a sole proprietorship, a partnership, or a corporation? Required: Six types of business entities are reflected in the table below. Attributes describing advantages and disadvantages of the six types of business entities are listed in the table. Select the advantage or disadvantage of each entity in the column associated with that entity. Some of the attributes may apply to several of the types of entities