Title: Explain legal issues related to setting up different business types.
Course: Entrepreneurship, Advanced (12053-II) > Section: Understanding Small-Business Management Concepts

Explanation should include following legal guidelines in the establishment of a sole proprietorship, corporation, partnership, franchise, and not-for-profit.

Process/Skill Questions:

- How does a partnership make up for the shortcomings of a sole proprietorship?
- What are the liabilities of each type of ownership?
- What are benefits/drawbacks of each type of ownership?
- What are some local examples of each type of ownership?
- Because of the shared liability in a partnership, what are qualities to look for in a partner?
- What are some of the reasons for choosing the corporate form?
- What are the characteristics of a limited liability company?