Explain the various legal forms under which they can operate a collective business and consider the advantages

All but Nicola want to be involved in the day-to-day running of the business and all four want to keep control of the business strictly between them. They are also concerned about what may happen should the business fail and, therefore, want to limit the amount of capital they can lose. They do not want to have to sell their houses, for instance, to pay off any debts which they may incur should the business not be a success.

They are aware that there are several different ways in which their business could be organised and they seek your advice as to which they should choose.

Explain the various legal forms under which they can operate a collective business and consider the advantages and disadvantages of each of these possibilities.

what does legal forms means and where can I find them please show sources thanks!!

The question appears to be asking about the different forms of a registered business. These are defined by state statute, so the answer depends on which state the business would form in. Some examples of business forms are corporation, limited liability corporation (LLC), professional limited liability corporation (PLLC), partnership, et cetera. The list is actually quite long in some states. Entire classes are taught on this subject in law school.

The key defining characteristics are personal liability, control, and capitalization. In answering this question, I would address each of these issues. Here are a few links with very basic information. I would search out some law school web sites.

http://www.businessownersideacafe.com/st...
http://en.wikipedia.org/wiki/Business_en...
http://www.mslawyer.com/businesr.htm

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