Read all three scenarios and respond to all the questions. Your answers should be about 1 page for each scenario, so your completed paper should be approximately 3 pages long.

Scenario #1:

Otis loves to bake cookies, and his friends suggest that he open a bake shop. After saving some money, Otis decides that he will start his own business. Otis is familiar with sole proprietorships, limited liability companies, and corporations, but he is unsure which option is best for his business.  

Consider the scenario and answer the following question:  

•    Should Otis select a sole proprietorship, limited liability company, or corporation?

Explain why the form of business organization you selected is best for Otis.

[Write roughly 1 page that fully answers the above question here.]