focus on the highlighted part of the Question and answer for the same. AD$16$ DO NOT USE AI Thanks, and do not use ai or CHAT GPT ASSIG NMENT $3$

Facts

You have an idea to develop a new medical technology that will $($you hope$)$ eventually lead researchers to the cure for the common cold. However, you acknowledge that there is some risk involved in this business venture. You have saved $$45,000$ and have a mortgage on your house with your spouse. As well, you own one$-$third of the family cottage with your father and brother. You have drawn up a business plan and estimate that you will need $$1,000,000$ in order to finance your business. During a class break, you mentioned your idea to a fellow classmate in BLAW $$ they love the idea and think you$$re a genius. Your classmate has some truly excellent ideas on how to market the business, and says she has $$100,000$ that she would like to invest in the business venture. Your family also supports your business idea and has pledged to help you financially.

$1.$ Define the three different ways that you can organize your new business. Given the above facts, please provide one advantage and one disadvantage with respect to each type of business organization and then choose a business structure for your new venture; explain why you chose the way you did.

$2.$ Based upon the business organization that you chose, how are you going to raise the funds to finance the business? Also, please describe what the provider of funds will receive in exchange for these funds.

$3.$ Based upon the business organization that you chose and its particular method of financing, what liability do you face personally? Explain the extent of this liability.