Yolanda comes to you seeking your legal advice. She wishes to start a clothing company along with her friends Navdeep and Chris. All three had met at George Brown College where they initially came up with the idea 2 years ago. The clothing line will focus on garments for boutique womens clothing shops.

Yolanda wants to know how the business should best be set up. Please explain to Yolanda the three main forms of business organization sole proprietorship, partnership, and incorporation. In your answer please identify the benefits and drawbacks of each of these forms of business organization. Explain which form of business organization you think is best for Yolanda, Navdeep, and Chris

Would you change your answer if Yolanda has $50,000 dollars in debt which will continue to grow as she pursues graduate studies? Navdeep has assets of $12,500 and Chris has continuing debts of $15,000 in student loans and continues to accumulate gambling debts in the belief that this is the best way for him to pay of his $15,000 student loan?