Please help!

I need to:

• Explain what is meant and the importance of the following statement: "Whereas the balance sheet can be thought of as a snapshot of the firm's financial position at a point in time, the income statement reports on operations over a period of time". Why is this distinction important? What other financial reports are used to evaluate the financial solvency of a business entity?
• If you were starting a business, what tax considerations might cause you to prefer to set it up as a proprietorship, limited liability company, limited liability partnership, S Corporation or a C Corporation? Review your textbook, the SBA Website and also the Internal Revenue Service Website Small Business Portal. Include in your discussion: legal liability, allocation of responsibility for payment of income tax, when must an owner/investor must also be an employee, restrictions on who can invest in your business.