Price & Gibbons, LLC, is a limited liability company engaged in the business of selling toys made especially for cats. The firm has a written operating agreement.

• What advantages does the firm obtain by operating as an LLC as opposed to a corporation? Disadvantages?
• Suppose Price & Gibbons wanted to expand its business into dog toys and pet food. Would a different business format be more appropriate? Fully explain.
• Lastly, suppose Price and Gibbons decided to change their business structure to a corporation. What steps must be taken to form the corporation?