Starting a new business:
John has developed his business plan, but he lacks the necessary finances to begin his business. Along with the lack of finances, he worries about the potential liability involved with starting a new business. He is considering a sole proprietorship, a partnership, or corporation as the organizing structure of his new venture.
1. Which type of business would best serve him? Discuss the pros and cons of each type of business organization.
2. Discuss the liability and protection involved & how financing could be obtained.