Barbara Beck and Joan Bishop are thinking about opening a new restaurant. Ms. Bishop has extensive marketing experience but does not know that much about food preparation. However, Ms. Beck is an excellent chef. While both will actively work in the business, Ms. Bishop will provide most of the funds necessary to start the business. At this time, they cannot decide whether to operate the business as a partnership or a corporation. Required: 1) What are two main advantages of forming a corporation? What is the biggest disadvantage? Explain your answers; use sentences, not a list. Cite all sources used. 2) What are two main advantages of forming a partnership? What is the biggest disadvantage? Explain your answers; use sentences, not a list. Cite all sources used. 3) Which type of organization would your recommend for Ms. Beck and Ms. Bishop? Write three or four sentences explaining why they should follow your advice. Be sure to mention the specifics of their case in your arguments.

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1 Advantages of forming a corporation Limited Liability One main advantage of forming a corporation is that it offers limited liability protection to its owners shareholders This means that the person... View the full answer