Explain the properties all of the forms of business associations from sole proprietor to s-corp, in the chapter. (list in an organized fashion and explain each in one sentence)

–Sole Proprietorship

–General Partnership

–Joint Venture

–Limited Partnership

–Limited Liability Company (LLC)

–Limited Liability Partnership

–Limited Liability Limited Partnership


–Business Trusts

b. Below are the 5 factors do we need to consider in order to choose the right form for our business. Explain how each one affects our decision on which form to use. (one sentence each)

3. A close family member is asking for your advice regarding opening a Food Truck.

a. Which form of business association would you choose and why.

b. What are the potential liability pitfalls you could encounter (what could you get sued for)?

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