For this week's assignment, you will research and answer the following questions.

• Explain the following statement: "Whereas the balance sheet can be thought of as a snapshot of the firm's financial position at a point in time, the income statement reports on operations over a period of time.
• If you were starting a business, what tax considerations might cause you to prefer to set it up as a proprietorship, partnership, or a corporation?

Assignment Details:

• The paper should be one to two pages.
• Use APA format (title page, double-spaced, references).
• Don't forget to submit your document.