Gilligan's retail boat dealership has been very successful, and he now is looking to expand his business in two significant ways.

1. Gilligan's business has become so profitable that he has been approached by an investment banking and venture capital advisor, who has suggested that Gilligan convert his business from a limited liability company to a corporation and then make an initial public offering of shares of stock in the corporation. Once Gilligan has converted the business to a corporation, what are the significant steps that his corporation and its advisors will need to follow in the initial public offering of stock in the corporation?

1. In addition to making an initial public offering of stock in his corporation, Gilligan has decided to sell franchises to like-minded boat enthusiasts so that they can operate retail boat dealerships using the same business model as he uses. What is the general process that Gilligan must follow in selling franchises, including what information must Gilligan disclose to prospective purchasers of franchises?