1. Advise a business manager how a sole proprietorship is created step-by-step. Provide an example to illustrate your points. Explain how the sole proprietorship differs from other forms of business entities. List no less than three advantages and three disadvantages of operating as a sole proprietorship.
2. Provide advice for business managers who want to form a partnership step-by-step and decide between a general partnership and a limited partnership. Identify the duties, rights, and liabilities of partners in a business. Distinguish between a Limited Liability Partnership (LLP), and a Limited Liability Limited Partnership (LLLP). List and explain the ways that a partnership can be dissolved.
3. Explain the law regarding Limited Liability Companies (LLC) for someone interested in starting a business. What are the limited liability aspects of a corporation? Outline the tax advantages of a partnership.