Required information 2. There are many options on which There are many options on which type of business entity to form when running a business. There are advantages and disadvantages to each type. Choosing the correct entity will help meet the goals of the business owners. Read the case below and answer the questions that follow. Olivia, who has been sewing since a young age, decided that she would like to open a business called Gowns and Smiles. to make and sell prom and other formal dresses. While starting up, she would llke to be the only owner of the business. Further, she does not want to go through a rigorous formation process, pay any fees or worry about making annual business filings for Gowns and Smiles. 2a. What type of business entity... What type of business entity does it appear that Olivia would like Gowns and Smiles to be? Multiple Choice A partnership A limited partnership A limited liability company A sole proprietorship