PART A BUSINESS FORMATION (35 POINTS) You are the legal expert that the client (your ELAC classmate/friend) has chosen to trust. First, your client wants you to decide the best type of business organization entity form to use. Your five (5) choices for your business client's business entity forms are: * Sole Proprietorship, * General Partnership * Limited Partnership * Limited Liability Company * C-Corporation Question 1 (25 points): Addressing each of your business client's interests and concerns, in light of their business operations, analyze and discuss the merits of each of these business entity forms, and differentiate between each of these business forms by identifying, describing, and distinguishing the characteristics of each, in terms of: * Method of creation (ease, expense and speed of formation) * Legal Position and Liability of owners * Transferability or tradability of ownership interests and raising capital * Management and control by owner * Taxation Question 2 (10 points): Based on your business client's interests and concerns, which business entity form would you choose to advise your clients to start his/her business? Assess, discuss, and explain the reasons why you would choose to recommend a particular business form IR EV IS (Hint: Review Exhibit 35-4 \"Major Business Forms Compared\" in the course textbook, and related textbook material.)