QuestionPlease respond to the following information: What is the goal ofthe business?understanding the business plan, growth plan, if outside financing is required and what type of structure will allow the business to run per their plans. Do they want the business to be simple or complex?If the business is simple then, sole proprietorship would be quickest, but if there are complexities then a partnership should be started. With partnerships, profit percentages, agreements need to be made and signed, roles would need to be decided. Along with various government requirements should be fulfilled. Are they willing to start as partners or separate businesses?Since Lucy, Bernie, and Milly have been looking for advice, there should be a chance they would go for a Partnership business, in which case, the roles of each partner should be decided and an agreement made based on those decisionsWhat type of capital investment is required?Funding from investors, banks etc are required for businesses. Corps have an easier time getting funding for business growth, where sole proprietorships, partnerships, LLC, owners need to have their own personal capital to invest.What type of activity will there be in the business?Some activities require permits, licenses or orders from the government and the business structure could have different requirements in each state.BusinessAccounting
