PART 1 - UPDATED ADOBE SPARK PRESENTATION

Initially when you set-up your business, you did not know if it was going to succeed, so you set it up as a sole proprietorship. After several months success you revisit that decision, and wonder if there is a better business form that you should switch to. You take into account the following details:

• You have personal assets including a cottage and $100,000.00 in savings
• You have a day job earning $75,000.00 per year

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1. Identify which business form is the best option now in light of your business' success, personal assets and income from your day job (1 mark)
2. A brief explanation for why that business form is the best option. Your answer should reference at least three benefits of that business form given your business' success, personal assets and income from your day job (3 marks)

• Please note in order to answer this, you must understand each of the different business forms, who is permitted to form them, and the pros and cons for each