Jim Dandy's business is currently structured as a sole proprietorship. The sole proprietorship structure can possibly be very advantageous. Jim Dandy currently owns the entire business and receives all of the profits from his business. Therefore, this sole proprietorship structure is advantageous for Jim Dandy because his company consistently makes a net income of between $250,000 and $300,000 per year. Another benefit that Jim Dandy receives as sole owner is full control of the entire entity and day-to-day operations. Finally, as a sole proprietor, Jim Dandy's profits will flow into his personal taxable income. Jim Dandy's is taxed only once on the total amount of his personal income plus business profits. Although Jim Dandy's current situation seems very advantageous, there are some major disadvantages of the sole proprietorship structure. One downside in particular is that once Jim Dandy dies, his business will die too. The life of a sole proprietorship does not continue once the sole owner dies. Another disadvantage is that Jim Dandy is personally responsible for all financing...