You and several other members of your MBA class have decided to go into business together, based on the strong bonds and working relationship you've developed during the always-helpful group exercises in various classes.

The nature of your business will be to provide consulting services, primarily related to financial and strategic planning.You have yet to decide the type of business entity you will employ (sole proprietorship, partnership, corporation, or other), and intend to seek counsel from an attorney specializing in company formation.In order to expedite the process, you have been asked to consider the following questions:

1.What form of business entity will you form?The group should come to a consensus on this point, or explain why a consensus was not possible.

2.What are the advantages of the form of business you have selected?

3.What are the disadvantages of the form of business you have selected?

4.What steps are required to form the business, including any steps necessary to protect each individual's interest?