Forms of Business

This assignment will be assessed with the following course outcomes:: Examine critical aspects of the accountant’s legal liability pursuant to the applicable laws and management of risk including forms of business and bankruptcy.PC-6.1: Incorporate data, inferences, and reasoning to solve problems.As a new owner of an accounting firm, you are looking into risk management policies. What exposure does the accounting firm have regarding professional liability? Is there a type of business organization that you can use to limit professional liability and the liability of the organization or you as the owner? What safeguards can you implement to help reduce liability and/or protect yourself from additional liability? Write a paper laying out your approach and any additional steps will you take?Assignment Checklist:● Discuss the ethical, legal, and professional responsibilities of an accountant in a professionalrelationship● Explain risk management○ Differentiate the various types of business organizations● Explain your approach to risk management in your firm?○ For the protection of the organization○ For you personally○ For the other accountants in your firm○ Protection of you clientsFormatting:● Respond to the questions in this assignment providing support or evidence for your point of view orargument you are trying to make.● Tell your readers what action they should take or provide a summary of what the reader should takeaway from reading/learning about the topic.● Write your paper in a clear and articulate manner using Standard English.● Write the paper in your words without using quotations.● Ensure it is well-organized, logical, and unified, and that your work is original and insightful.● Use the 7th edition APA formatting and citation style for your paper.● Respond in a least a 3-page paper with a separate title and reference page.● Have at least two quality references or law cases in addition to the textbook, for a total of at leastthree.