View attached explanation and answer. Let me know if you have any questions.
Otis business
Student’s name
Affiliation
Date
Before starting a business, it is best to understand the different arrangements of a
business in terms of liability and taxes. There are three main forms; sole proprietorships, limited
liabilities, and corporations. This paper will discuss the important arrangements of business as a
piece of advice to Otis based on the basic laws governing business settings.
The first step that Otis is supposed to take in starting the business is choosing the form of
business. He could choose any model based on the best flexibility in terms of the law from the
list above. From the examples above, Otis might choose sole proprietorship if only he plans to
execute the business alone (Dymitrowski, 2020). This is because he will be liable for everything
happening in the business and thus take responsibility. This is different from the other
arrangement as sharehold…
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