This week we begin by reviewing four types of business organizations.

Not who they are, but what they are. How they are formed, the laws that govern each, the requirements in order to set one up, and some of the things you will have to do in order to retain your company's status.

Your book says that the four business organizations dominating the market are:

• the sole proprietorship,
• the general partnership,
• the corporation, and the
• the limited liability company.

1. Choose one of the business organizations from the list above,
2. Research to discover how your choice is legally created (don't look for statutes or cases for this; there are lots of online articles that provide more of a narrative, which is better for this bit of learning),
3. explain:

(a) How your choice is formed (legally),

(b) Why your choice is generally created. In other words, what value is there in organizing this particular type of business organization? and

(b) Explain the built-in pluses and minuses of your chosen organization.