Five independent situations follow 1 Three computer

science professors have formed #8440

Five independent situations follow:1. Three computer science professors have formed a
business to expand wireless access for computers. Each has contributed an equal amount of
cash and knowledge to the venture. While their plans look promising, they are concerned about
the legal liabilities that their business might confront.2. Joseph LeBlanc, a student looking for
summer work, has opened a bicycle rental shop in a small shed on the Trans Canada Trail
system.3. Robert Steven and Tom Cheng each owned a snowboard manufacturing business
and have now decided to combine their businesses. They expect that in the coming year they
will need to raise funds to expand their operations.4. Darcy Becker, Ellen Sweet, and Meg
Dwyer recently graduated with business degrees, with majors in accounting. Friends since
childhood, they have decided to start an accounting practice.5. Hervé Gaudet wants to rent
storage lockers in airports across the country. His idea is that customers will be able to leave
their luggage at the airport if they have a long layover so they can explore the local
surroundings without being burdened with luggage. This will require the rental of space in each
airport as well as the hiring of employees and other operating costs.Instructions(a) In each of
the above situations, explain what form of organization the business is likely to take:
proprietorship, partnership, public corporation, or private corporation. Give reasons for your
choice.(b) Indicate which type of accounting standards-IFRS or ASPE-each of the business
organizations you identified in (a) is most likely to use for external reporting purposes.View
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Five independent situations follow 1 Three computer science professors have formed

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