Phil Hooser has big plans. He wants to open a motorcycle shop on the outskirts of town. He plans to purchase a ten-acre plot of land and eventually he wants to also have a motorcycle race track on land. His brother will help him purchase the land and he has about $100,000 to invest in the project. He has no children, but two ex-wives.
Is it sole proprietorship, partnerships, LLC or corporation. You must support you answer by evaluating the needs of the particular business and the characteristics of the entity chosen. Evaluate for tax concerns, potential liability, governance, continuity, raising funds, and maximizing opportunities. Do not use platitudes or personal preferences as a rationale, rely solely on facts.