When the COVID 19 pandemic started, Manuela Moreno started a small baking business (bread and cakes). Manuela is an executive assistant at a multi-national firm and has worked in the company for close to 15 years. Fortunately for Manuela, the business has been a hit. Her daily gross revenue averages PhP20,000. She is about to resign from the company to go full time in the business and expand. Since she knows you are an MBA student, she asks for advice on whether she should set up a corporation or not.

Provide advice to Manuela on whether she should do so.  In providing advice, make sure to state pros and cons for her to consider.