Businesses are created in one of several organizational structures, or forms. Before launching any new business, an essential step is to decide which business structure (sometimes called business form) is most favorable for the business and its owners. Jo, Maddy, and Taylor recognize the significance and implications for choosing an appropriate business structure for PI. A priority goal for all the owners is to minimize legal risks and liabilities, as well as tax liabilities, for the owners and the business. They understand that a business organizational structure can achieve this goal, and can define their managerial roles and responsibilities clearly to satisfy their interests and maximize their areas of expertise. The owners agree that weighing and balancing advantages and disadvantages for the company and its owners is the heart of the process of choosing a business structure for PI. The owners have met privately to discuss business structures. They are now ready to meet with BCA for further analysis, negotiation, and a decision regarding the PI business structure. To assist in this process, Pat and Gale asked you to assess several business structures and their characteristics, advantages and disadvantages for PI and the owners. Those structures are: •Partnerships (all types) •S Corporation •General Corporation •Limited Liability Company Evaluate and synthesize this information, and do the following. Label all parts. A. Create a comparison chart that shows the four business structures and compares and contrasts each type of structure. You may use the chart format in the hyperlink above, or create a similar chart, or create an excel chart. B. Write a memo to PI owners: •recommending a business structure for PI that best minimizes tax and personal liability for the new business and its owners •explaining and justifying your recommendation, specifically and in detail. Memorandum format: Memorandum TO: Pat Braden, Gale Roth FROM: (your name) RE: Painted Images - Courts and Jurisdiction DATE: