Please prepare a minimum 2 page memo on the below to your client.

• Describe the four different legal entities recognized by the US tax system and the fundamental differences in the characteristics across business entities.
• Include the pros and cons of transitioning from a sole proprietorship to a corporation.
• Based on the readings, choose several topics that you would like to explain to your client to pinpoint the advantages or disadvantages of switching from a sole proprietor to a corporation.
• Discuss the principles of ethical and professional conduct relating to corporate, business, and trust taxation supported by standards/practice.