Jim who recently quit his job after receiving a very large bonuspayment is interested in forming his own business. He is not surehow to begin and he has
asked you to help him identify and analyze what company formationoptions he has available. He can set up his business in the UK,Canada or the USA,
he will go where you decide.
a. Please advise him on what it means to be unincorporated, theadvantages and disadvantages
b. Then explain to him the significance of opening an incorporatedbusiness? What are the advantages and disadvantages of this type ofbusiness?
c. Then explain to him what is a Limited Liability Partnership?What responsibilities and liabilities do the partners have forthemselves individually, to
the firm/to each other in the firm and to the public?
d. Explain to Jim if he needs additional capital to begin his newcompany what are some ways he could finance his new company?
