You have been running a Thai restaurant in a busy Toronto neighborhood for the last three years. The restaurant is currently registered as a Corporation in the Province of Ontario. Recently, the COVID-19 crisis had forced you to reduce operations that have you re-thinking the legal form of the organisation.

A friend of yours, who runs a limited liability partnership in City of Toronto has provided you with a lot of benefits of shared ownership. He claims that he was able to share the costs of his business with his partners and that benefitted everyone.

Answer the following questions:

- Compare and Contrast a corporation with a limited liability partnership as form of business organisation (4 Marks)

- Do you think it will be a good move for you to change the legal form of your restaurant to a limited liability partnership? Why? and Why not? ( 6 Marks)