Laurie & Alex have a great business idea. They want to name the company L&A Innovations.

Identify and explain the six main forms of business entities that Laurie & Alex will want to consider in organizing L&A (do NOT consider limited liability partnerships, professional corporations, social enterprises, or franchises). Briefly explain the features of each type in each of these areas: (1) how is the entity and owners taxed; (2) what is the liability for owners; (3) how easy is the entity to form; and (4) how easy is it to transfer ownership in the entity. Make sure you explain each. Yes and No, and Easy and Difficult are not acceptable answers.

Note the table at the end of Ch. 20.

The format for your answer should be for each entity state:

Entity [Name}

Taxation: [answer]

Liability: [answer]

Ease of Formation: [answer]

Ease of Transferability: [answer]