Philip Caron is in his mid-fifties and he is married with two teen aged children. For over fifteen yearshe has worked as an unincorporated welder. The business is currently netting approxi mately $250,000 per year. In recent years, Mr. Caron has been using about half of the business earnings for personal living expenses. In the last five years, he has been refining a fork lift which can be attached to half-ton trucks. He has a product which is selling well with few malfunctions and he is in the process of patenting the design. As a result, his welding business is now predominantly manufacturing these fork lift units. Some of his welding equipment is old and he is faced with the need to replace it Also, he needs to acquire larger welders and pipe benders to mass manutacture the forkliftThe busi ness expansion will require substantial capital investment for which external financing will be required .

Required: Briefly discuss whether Caron should incorporate his business