Sole Proprietorship and Partnership are business entities known for their easy creation and minimal costs and fees.Neither requires filing of any documentation with the NY State Department of State (which is required with all corporations and other business entities of similar nature).Explain these strengths but also research and explain why these entities are also dangerous and can lead to significant risk to the business owner. Would you set up a sole proprietorship?If yes, then how would you minimize liability?Explain the implications of a partnership's "joint and several liability"and "personal liability". Give an example in the news of how a partnership can cause a horrible mess to the Partners since there is joint and several liability.How can partnership business owners minimize these risks? Minimum 350words for a possible 50/50pts.