Question: 2. What are the merits of the three most basic legal forms of organization? 3. Does the concept of limited liability apply to a sole

2. What are the merits of the three most basic legal forms of organization? 3. Does the concept of limited liability apply to a sole proprietorship? Why or why not? 4. Suppose a partnership is set up and operated without a formal partnership agreement. What problems might arise? Explain. 5. What is an S corporation, and what are its principal advantages? 6. How do advisory boards differ from boards of directors? Which of the two would you recommend to a small company owner? Why

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