Monica Porter loves photography and wants to start her own company. She is single, 26 years old, and lives in an apartment in Nicetown. She has a job as a clerk in a grocery store that currently pays her living expenses. Her dream is to be a portrait photographer specializing in events such as Weddings, Birthdays, Graduations, etc. She has saved $10,000 to start this endeavor. She knows nothing about accounting and has hired you to provide her with accounting services as well as guidance in starting this business.
This first task is to determine what business organization entity she should choose. Please explain the different business formats and which one you would suggest for her business which will be named "Portraits by Porter" (PBP).