this is a general buisness question

1. Please describe why "legal forms of business ownership" are so important to every business. Then explain why businesses may decide to be "elther LLCs or Corporations" vs "either Sole Proprietorships or General Partnerships" - what is the major difference between these two groups of business ownership forms? What is a closed vs. open corporation? And what is the purpose of an IPO? Finally, describe the purpose and difference between stocks and dividends. (5 points) 2. Please explain the major advantages and disadvantages of franchising. Describe why franchising continues to be a popular option over creating your own business. Describe why mergers and acquisitions (M&A) are important to a company's overall growth. Finally, explain the difference between a merger and an acquisition, along with the different types of corporate mergers. (5 points) 3. What is considered "small" in the small business world - and explain why that matters. What does it mean when we say that an entrepreneur "should work on the business, not in it?" Why do people become entrepreneurs? Explain what differentiates an entrepreneur from a small- business owner. What are the advantages and disadvantages of owning a small business? Finally, why is entrepreneurship and small business so important to the American economy? (5 points)