James has asked you to help him identify and analyze what company formation options he has available in California . (Cite the Laws)

a. Please advise him on what it means to be a sole trader and the advantages and disadvantages.

b. Then explain to him the significance of opening an incorporated business. What are the advantages and disadvantages of this type of business?

c. Then explain to him what is a Limited Liability Partnership? What responsibilities and liabilities do the partners have for themselves individually, to the firm/to each other in the firm and to the public?