Elaine and Roy are registered nurses. They want to start a home health agency, taking referrals from physicians and providing health care to homebound patients. They plan to be in business for 10 years. Identify the type of business organizational form that would be best for Elaine and Roy. (For example, is corporation, LLC, partnership, LP, or something else altogether the best choice? Consider the advantages and disadvantages of each.) What are the steps they must take to form the type of business organization that you have chosen? What would they have to do to dissolve the business in 10 years, based upon the type of business organizational form that you chose?
If you started a business, which type of business organizational form would you choose? Why?