Otis Owner loves to bake cookies. Everyone loves his cookies, and his friends recommend that Otis open his own shop. Otis likes the idea, and after saving some money, decides that he will open his own business. Otis is familiar with sole proprietorships, limited liability companies, and corporations, but he is unsure which option would be best for his business.

Consider the scenario and answer the following question:

• Determine if Otis should select a sole proprietorship, limited liability company, or corporation. Explain why the form of business organization selected is the best for Otis.