• The two main issues to consider when choosing the legal structure for a new business would be the amount of personal liability and the tax effects connected to the structure
• Always look at the amount of risk associated with the new business venture when deciding upon a legal structure Outline:
1. Discuss the issues one must consider when choosing a legal form of business
2. Know and understand the pros and cons of the four legal business structures
3. Discuss the major disadvantages of the sole proprietorship and the partnership forms of legal structure.
4. Understand how an “S” corporation and a Limited Liability Company (LLC) protect a business owner’s personal assets and also the tax implications of each