Analyze and respond to both scenarios detailed below. Then, using the principle
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Analyze and respond to both scenarios detailed below. Then, using the principles and language of law, advise the parties (first Susan and, then, John and Phil) which business form you would recommend for each of the proposed business: sole proprietor, partnership, joint venture, a corporation, or an s-corporation. Specifically address the key characteristics and strategic advantages of organizing the business as you recommend. Finally, support your proposed business form by citing two specific business scenarios Susan / John and Phil may encounter and explain why the recommended form will best resolve those dilemmas.
Scenario #1. Susan Stallings wants to open a business whereby she rents out personal water craft in Florida and Missouri. She can secure the right to run her business out of two large and popular boat docks on major lakes (one in Florida and one in Missouri). She will lease the water craft and, in return, sell rental time to vacationers. Susan is asking your advice on what legal structure she should use to form and operate the business.
Scenario #2. John Edwards and Phil Steele want to start a business selling Chicago-style hotdogs at all public parks in their hometowns on Saturdays out of kid-friendly traveling stands. They know somewhere between 300 and 400 families attend games every Saturday, and, currently, no food concessions are available. John and Phil know each other from a prior job but aren’t necessarily friends. John has a young child and a house, which is almost paid in full. Phil is single, has no family, and rents a condo. They are placing $100,000 into the business to start it ($50,000 each). John is concerned with being taxed twice for corporate profits; Phil is concerned only with making a profit. Give John and Phil your advice on what legal structure they should use to form and operate the business.