Scenario: You and 3 friends plan to start a business called Global Artifacts to sell domestic and internationally-made pottery items from a retail store and online. The group has some capital for starting the business, but will need additional funding. The 4 of you have agreed that you absolutely will not use credit cards, loans of any type, or take gifts from friends and family to start the business. After some inquiries, the group knows that angel investors and venture capitalists will not contribute to the start-up funding.
The other potential owners in the group have designated you to research and make a recommendation for an appropriate business structure (form) that would best protect the owners from personal liability and provide a structure that would enable the group to obtain additional capital.
A. Write a report addressed to the Global Artifacts Owners that recommends a business structure to meet all the group’s needs. Explain how and why your recommended business structure is best for Global Artifacts.