Joan, is a jewelry designer who had created a unique new jewelry piece called a neacklet. It can be either a necklace or a bracelet. She would like to start her own business, but is not sure which form would suit her needs. She is very concerned about keeping control of her designs but has no capital except a small business loan. An older gentleman who owns his own jewelry store is eager to retire but has no buyers for his business. He has offered Joan a partnership with a chance for her to buy him out later. NewJewelry a large jewelry franchise who sells to the Home Shopping Network has offered Joan a chance to buy into their franchise and they will trademark and patent her design as part of their jewelry line. Joan comes to you to ask your advice. What would you tell her and why? Make sure that you explain the advantages and disadvantages of every business opportunity. Exercise: Joan comes to you five years later after choosing to start her own business. It has been successful and she now wants to go national. However, she needs capital. She has two people who are willing to invest in her corporation if she chooses to go that route. She can get bank loans to grow the business, but is worried about the personal liability she might incur. Also she wants to preserve her personal assest of the necklet and other jewelry designs. What would you advise her to do? Make sure to explain her options to her and give the legal reasons for your suggestions. If you tell her to incorporate, how would you suggest that she structure the financing of the corporation? Explain