A friend has decided to start a new business, and has asked you to assist him. His primary concern is what type of entity to use for the business: sole proprietorship, Partnership, S Corporation or C Corporation. Based on this information, please do the following:
1. List a minimum of five (5) questions that you would ask your friend in order to help him choose the best entity.
2. Explain, in detail, how each of these questions relates to or is affected by the choice of the four business entities listed above.