Yolanda comes to you seeking your legal advice. She wishes to start a clothing company along with her friends Navdeep and Chris. All three had met at...
This question has been answered
Question

Yolanda comes to you seeking your legal advice. She wishes to start

a clothing company along with her friends Navdeep and Chris. All three had met at George Brown College where they initially came up with the idea 2 years ago. The clothing line will focus on garments for boutique women's clothing shops. 
Yolanda wants to know how the business should best be set up. Please explain to Yolanda the three main forms of business organization - sole proprietorship, partnership, and incorporation.
In your answer please identify the benefits and drawbacks of each of these forms of business organization. Explain which form of business organization you think is best for Yolanda, Navdeep and Chris  
Would you change your answer if Yolanda has $50,000 dollars in debt which will continue to grow as she pursues graduate studies. Navdeep has assets of $12,500 and Chris has continuing debts of $15,000 in student loans and continues to accumulate gambling debts in the belief that this is the best way for him to pay of his $15,000 student loan? 


(The giving scenario happens in the province of Ontario, Canada)

Answered by Expert Tutors
Step-by-step explanation
Get unstuck

426,507 students got unstuck by Course
Hero in the last week

step by step solutions

Our Expert Tutors provide step by step solutions to help you excel in your courses