Which Business Form is best?

Your post/replies can only be based on the textbook, lectures and slides and other responses. Internet resources and other resources outside the course material are prohibited, as is collaboration. The posts/replies must be original work. Do not quote or cut and paste from any source, including the textbook. Show your own understanding.

Assume you are a lawyer and your clients Liz and Jules come to you asking for your legal advice because they want to start a financial investment business but are unsure what business form they should open. Liz tells you that her biggest concern about going into business with Jules is that Jules was sued in the past by her previous clients for mismanaging their finances at the last place she worked. Despite those concerns, Liz believes Jules won’t do that again and has agreed to go into business with Jules.

Answer the following questions:

Question #1. What two business forms would you advise Liz and Jules to open and why? Out of the two, which one do you think would be best and why? Make sure your legal advice includes considerations of liability exposure, fiduciary duties, and case law support.

Note: The answer to Question #1 should be completed in one post. The word count must be at least 350 words .

Question #2. I will post after getting Question#1. The answer to Question #2 is a separate post and should be at least 250 words.