John Petosa, a simple Professor of Practice at Syracuse University, has a lifelong dream of owning a winery. He has studied the soils and topography of both New York State and California. It is obvious that California wine and grapes are superior to those of New York; however, there are certain grapes that are able to be grown in New York such as Riesling and Marquette that do well and have reached world acclaim. The cost of land in California is significantly higher in grape growing regions because of the success of other vintners and as such, John has chosen to purchase a 50 acre plot of land in the Seneca Lake region of the Finger Lakes in New York. The soil is very conducive to growing grapes according to a study performed by Cornell's agriculture management group. The 50 acre purchase has taken most of John's available cash and so he may need to take on a partner in this venture down the road. Further, he is always open to bringing on other partners in the venture who can bring expertise that John doesn't have. John wants to start his business on the right footing and has come to your offices for advice on what type of entity he should form for his new business or businesses. Discuss in depth, the types of entities that John could form, the advantages and disadvantages of each with particular emphasis on the tax considerations and which one or ones you would recommend.