TillyGertzis interested in starting a new business. Tilly has developed her business plan and is ready to implement her ideas. However,Tilly lacks the necessary finances to begin her business. Along with a lack of finances,Tilly worries about the potential liability involved with starting a new business.Tilly would hate to lose all that she has personally accumulated to date in the event of a successful lawsuit against her. She is considering a sole proprietorship, a partnership, or a corporation as the organizing structure of her new venture.

• Which type of business would best serve Tilly's needs at this given time?
• Discuss the pros and cons of each type of business organization thatTilly may use.
• Discuss the liability and protection involved and how financing could be obtained for Tilly.