Lily Brown's brother owns a coffee farm in Columbia. Lily has been wanting to bring the product to Canada for distribution. Her business idea has been vetted through a business advisor and it sounds like it is a feasible idea. She is about to set up the company in the near future but not sure how her company structure will look like. Which one of the following would be true regarding the various forms of business that she would consider?

Question $7$ options:

She should set up the company as a sole proprietorship as it is simple to set up$,$ she can maintain control of the company and can easily file the company's income tax return.

She should set up the company as a corporation to limit her liability and to lower income taxes. In addition, it is easier to raise capital as a corporation must have more than one shareholder.

She should set up the company as partnership with one more partner as she can double on startup capital and her liability will be limited by half.

She should set up the company as a corporation to limit her liability. In addition, she can easily raise more capital if needed. The corporation will pay its own income taxes.