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Discussion (Week 2)

Discussion (Week 2)

Q https://www.youtube.com/watch?v=A-Up-JUkaj0 What is the best legal form of business. Watch the above video and read the lectures notes. Pay attention to the pros and cons of each legal form of business. Based on your readings, what legal entities that you would recommend for the following people. Explain why: 1. John has a new invention and is heading to the shark tank to woo investors 2. Kate is a college student who does graphic design on the side 3. Anna, a full-time nurse, want to partner with her friend from Italy (will be visiting the US for the first time in two weeks) to start an Italian restaurant

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In case of John, I would recommend a sole proprietorship because there is great risk in inventing something new. If the risk of inventing something new is shared with another individual or a group of individuals, the consequences for John will be higher. This is because John would have to suffer more consequences like being responsible for the losses of other individuals apart from his persona loss. If there would be profits earned by John after launching the new invention, it would be wise to save the profits on his own rather than sharing the profits.