Jason Wong and Mohammed Ismail are in the process of setting up a painting business. For a

Question:

Jason Wong and Mohammed Ismail are in the process of setting up a painting business. For a number of years, the two friends had summer jobs doing interior house painting and they thought it would be fun to have their own business.
Jason and Mohammed have asked your advice on whether they should organize the business as a or a corporation.

Required:
Prepare a report to Jason and Mohammed advising them about the benefits and draw backs of the two business forms. Provide a recommendation as to which one you think would be best for them. Consider the needs of the friends as well as other (customers, prospective creditors) in the report.

Stakeholders
A person, group or organization that has interest or concern in an organization. Stakeholders can affect or be affected by the organization's actions, objectives and policies. Some examples of key stakeholders are creditors, directors, employees,... Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...