Question: Please solve the below question step by step. using the related formula. and Please if you solve it by handwriting it would be great.

a. Suppose you want to start a business with initial investment of $500,000. You have following four options:

Option 1: Start a business as Sole Proprietorship;

Option 2: Establish a business as Partnership with your brothers and sisters;

Option 3: Incorporate a business as S Corporation with your six friends;

Option 4: Incorporate a full fledge C Corporation by offering shares to general public;

By discussing merits and demerits of above businesses, what will be your decision regarding legal status of your business, and how you will proceed?