You will make a report outlining the legal characteristics of the five main types of businesses.

• Define the five main types of business structures (sole proprietorship, partnership, corporation, limited liability company (LLC), and limited liability partnership (LLP).
• Compare and contrast the five business entities by distinguishing between the six main characteristics of each: include the name of the type of entity and the following details: (business formation, number of members, length of existence, liability, operational requirements, and management).
• Discuss the advantages and disadvantages of each type of business structure. Using the laws in New York State, in your analysis, include one substantive law that establishes the rights and duties of members and one procedural law that determines the process for enforcing any rights or laws for a business entity in a court proceeding. Please use Bluebook citations.
• Include an introduction and conclusion. The introduction paragraph should be brief and identify New York State, and generally explains what details you will include in the Report. The conclusion should briefly provide a summary of your findings and how substantive and procedural laws for different types of entities are applied in your jurisdiction.
• Create a business entity comparison chart to include at the end of your Report in the appendix section that is specific to the laws in New York State, briefly explaining the six key characteristics for each type of business (business formation, number of members, length of existence, liability, operational requirements, and management).