Business Classifications, Tax, and Legal Issues

Describe at least two different business classifications (e.g., sole proprietorship, partnership, corporation, LLC) in which an organization can be identified, and indicate which forms are used the most within the sport industry. Compare and contrast the classifications by identifying some advantages and disadvantages of one over the other. If you owned a professional sports team, which form of business ownership would you prefer and why? Describe one tax and one legal issue involved with the financial management of sport organizations.

Guided Response: Your initial post should be at least 350 words in length.