5. (TCO 10) You have a winner idea and cant wait to share itwith the world. Know

5. (TCO 10) You have a winner idea and cant wait to share itwith the world. Knowing that the business world can be tricky youwant to protect yourself from liability before launching yourfabulous product (just in case). What steps would you take toincorporate your new business? What entity would you choose? Whywould you choose a corporate entity over a sole proprietorship?What factors would you consider regarding the organization of yourbusiness including the legal advantages and disadvantages of thevarious entities and the roles and responsibilities of otherpotential parties you may want to involve? Support your answer withexamples by expanding on the scenario given. (Points : 25)