Wanda is concerned that if she grows the business, she may take on more financial and personal responsibility than she is comfortable with.
Prepare a summary showing Wanda the legal forms of ownership she could adopt for Salty Pawz as she expands the business. For each form of ownership, you need to provide the advantages and disadvantages of each legal ownership option specific to Wanda’s businesses.
After having explored the advantages and disadvantages of each form of ownership, which form of ownership would you recommend for Wanda and Salty Pawz, and why?
Lastly, if Wanda decides she wants the two friends she works with to become more formally involved in ownership of the business, does that change the advice you gave her in part (b) above and if so, how? If it does not affect your advice to her, then why not?