Go to the discussion room and tell me what form of business ownership you have chosen for your imaginary business. You must tell me why you chose that form of ownership, listing two or three of the advantages of that form of ownership, and also listing two or three of the disadvantages of that form of ownership. You must then describe one of the forms of business ownership that you did NOT choose for your business, and tell me why you did NOT choose that form of ownership for your business, listing two or three of the advantages of that form of ownership, and two or three of the disadvantages.

Here are the forms that we will examine:

1. Sole Proprietorships.
2. Partnerships General Partnerships.
3. Partnerships Limited Partnerships.
4. Corporations Ordinary corporations, known as C Corporations.
5. Corporations Subchapter S Corporations, known as S Corporations.
6. Limited Liability Companies also known as LLCs.