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5. (TCO 10) You have a winner idea and can’t wait to share it with the world. Knowing that the business world can be tricky, you want to protect yourself from liability before launching your fabulous product (just in case). What steps would you take to incorporate your new business? What entity would you choose? Why would you choose a corporate entity over a sole proprietorship? What factors would you consider regarding the organization of your business, including the legal advantages and disadvantages of the various entities and the roles and responsibilities of other potential parties you may want to involve? Support your answer with examples by expanding on the scenario given. (Points : 25)

5. (TCO 10) You have a winner idea and can’t wait to share it with the world. Knowing that the business world can be tricky, you want to protect yourself from liability before launching your fabulous product (just in case). What steps would you take to incorporate your new business? What entity would you choose? Why would you choose a corporate entity over a sole proprietorship? What factors would you consider regarding the organization of your business, including the legal advantages and disadvantages of the various entities and the roles and responsibilities of other potential parties you may want to involve? Support your answer with examples by expanding on the scenario given. (Points : 25)

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