Issue: Your neighbor, Norman Vetter, has always been tinkering in his garage with his inventions. He believes he has finally come up with one that could really sell well. He is a little concerned about some potential safety issues, but he believes those issues will be worked out. He wants to form a business to manufacture and sell his invention and has come to you for advice. In particular, he would like to know the advantages and disadvantages of forming a corporation, rather than simply organizing as a sole proprietor.

Questions to be Answered:

1) Explain to Norman in detail THREE advantages of the corporate form of organization over a sole proprietorship. 2) Explain to Norman in detail THREE disadvantages of the corporate form of organization over a sole proprietorship.