This assignment tests your understanding of sole proprietorships, partnerships and corporations You have been able to save $100,000. Your best friend (you supply the name - it doesn't have to be your real best friend) just won $100,000 in the California lottery You and your best friend have always talked about opening a store that sells (you name the store and provide a description of what the store will offer). You have enough money to start the store on your own. Your best friend wants to invest in the store with you, but you are not sure if you want [him/her] as a I'partner." Your assignment: 1. Using the example of your store, explain the advantages and disadvantages of opening the store on your own as a sole proprietorship. 2. Using the example of your store, explain the advantages and disadvantages of opening the store with your best friend as a general partnership. 3. Using the example of your store, explain the advantages and disadvantages of forming a corporation with your best friend to operate the store. How would operating the store as a corporation be different from operating the store as a general partnership? You must answer all of the questions above in a complete and thorough manner. Your submission must be at least one- page long, double-spaced. Please write your name at the top of your assignment and number your responses. Pro-tip: make sure you discuss tax liabilities and individual owners' liabilities in each business type! You can and should complete this assignment using the materials in the text book only. You do not need to consult other sources to complete the work, and will receive no additional credit if you do. Document Parameters: Include your name at the top of the document. Number your responses. Your assignment must be doublespaced and at least one-page long, and no longer than two pages long (please use Calibri font, 12point size). Your margins must be no larger than one-inch. This assignment will be graded using a rubric (see below). ASsignment Criteria Ratings Pts Prompt 1 5 pts 3 pts 0 pts Evaluation of Full Credit Partial Credit No the response to The response was clear and demonstrates The response was somewhat clear and Credit Prompt 1- an understanding for the law. theories, and demonstrates a partial understanding for the law, No 5 pts frameworks covered in the module. theories, and frameworks covered in the module. response was provided. Prompt 2 5 pts 3 pts 0 pts Evaluation of Full Credit Partial Credit No the response to The response was clear and demonstrates The response was somewhat clear and Credit Prompt 2' an understanding for the law, theories, and demonstrates a partial understanding for the law, No 5 pts frameworks covered in the module. theories, and frameworks covered in the module. response was provided. Prompt 3 5 pts 3 pts 0 pts Evaluation of Full Credit Partial Credit No the response to The response was Clear and demonstrates The response was somewhat clear and Credit Prompt 3' an understanding for the law. theories, and demonstrates a partial understanding for the law, No 5 t5 frameworks covered in the module. theories, and frameworks covered in the module. response [J was provided. Document 5 pts 3 pts 0 pts Parameters Full Credit Partial Credit No Credit Evaluation of submitted I numbered responses, and is at least one- ' some of the document ' submission is missing all of document page long (double-spaced). parameters, but not all. the document parameters. arameters. The submission includes the student's name, The submission follows No submission or the 5 pts