Describe the steps one would follow to form a business. What are the advantages and disadvantages of forming the business as a proprietorship, partnership, limited liability company, or corporation? How do these options affect issues such as taxation, business decision making, profit sharing, and liability? What are the advantages and disadvantages of forming a business in your state versus another state that may be considered more business friendly? What would the steps for dissolution of these types of business structures involve and how would dissolution affect the rights and obligations of those who started the business?
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