More efficient than most solar panels currently on market

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Reference no: EM131761061

Sam Smith has invented and patented a new solar panel. His panels are cheaper to produce and more efficient than most solar panels currently on the market. He would like to manufacture and sell his solar panels to residential contractors for professional installation on commercial and residential buildings. There is a small chance that his solar panels might cause fires, if they are not installed correctly. To limit his liability, he plans to offer training videos of panel installation for all contractors who purchase his panels. Manufacturing these panels will require that he acquire several existing businesses that manufacture and package similar products. He has calculated that he will need to raise an additional $10 million in capital to start the business. He would also like to keep his personal taxes and personal liability as low as possible. Using the IRAC method explain what type of business entity would be the best choice for Sam’s solar panel business. Discuss the various factors relevant to this decision and explain why these factors support your choice of legal entity. Identify the legal issue, state the controlling rule of law, and apply the law to the facts to reach your decision.

Reference no: EM131761061

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