The assignment provides a comparative analysis of different business structures, including partnership, company, and limited liability company (LLC). It recommends choosing an LLC as the best business structure for Pat and Gale's small business due to its advantages in minimizing tax liability, restricting personal liability, providing management flexibility, and reducing formalities. The LLC form is also suitable for small businesses with minimal investor funding, and while it requires state filing fees and publication of notice, it offers a flexible operating agreement that can be customized to suit the business's needs.