The three main types of business organizations are partnerships, LLCs and corporations. Using the text and the comments to this chapter provide the following information.

a. Describe the formation process for each – formal, informal, etc.?

b. Describe the liability of the “owners” (partners, shareholders, members) for the debts of the business. This must include a full explanation with some exs for each.

c. What is the duration of the “life” of each of these organizations?

d. If you were forming a business entity and had no intent to go public (sell stock on the stock exchanges), what form would you use and why?