You are an entrepreneur. You and a friend develop a new design for in-line skates that improves speed by 25% to 30%. You plan to form a business to manufacture and market the skates. You and your friend want to minimize taxes, but your prime concern is potential lawsuits from individuals who might be injured on these skates.

1. What form of organization do you set up? Explain your rationale.
2. Describe the ethical aspects you considered to select this form of organization.
3. Explain the ethical ramifications if you selected the other forms of organization.
4. Research and cite professional ethics standards established by professional accounting organizations. Did any of the ethics standards affect your selection of form of organization?