Types of Equity Securities, Discussion Question, business and finance homework help

"Types of Equity Securities." 

--You are a member of the Board of Directors for XYZ, Corp.  Your corporation has been very successful and it is now considering expansion and it needs capital to do so.  You and the other 2 members of the Board each own 500 shares of common stock, for which you initially paid $5,000.00.  There are no other shareholders.  You need to raise capital for a short term project.  Can you issue more stock?  If so, what type of stock would you issue and why?  What rights or restrictions would you place on the stock?  

"Financial Matters."  

--Imagine that your company wants to go public. Compare the cost and benefits of going public. Choose to either go public or not and explain why you chose the route that you did.