Overview: In Packet 11 we'll be reviewing basic business forms. So far this semester we've concentrated on the corporate form of business, but now we want to examine in more detail the benefits of that form and other forms of organization that are available. Semester case Exciting news! W.T. has received an offer to purchase My Assistant. He also has the opportunity to purchase another established business which is currently set up as a sole proprietorship. If he makes the purchase, he'll be doing so with his aunt. However, before he does so, he needs to review basic business forms and determine whether or not they should reorganize the business into a different form. As you read, consider the benefits and drawbacks of each business type. Key terms. Using your own words, define the following: 1. Sole proprietorship 2. Partnership 3. Corporation Key questions: Summarize the differences between the basic business forms listed below: Sole Proprietorship Partnership Corporation Regulation Taxation Liability Continuity Transferability of Ownership Management Structure Ability to Raise Capital Presentation of Equity in the Financial Statements