You and four of your closest professional friends agree to form a securities and real estate consulting business that advises wealthy individual investors and small companies. The business will help its clients reduce their exposure to risk by reviewing their overall investment portfolios, as well as comparing the mix of investments to an optimal portfolio. All five of you have nearly equal experience and expertise, management skills, and ability to bring clients to the business. You are concerned, however, that all of you continue to be motivated to work hard for the business and generate revenue and profit for the business. Each of you expects to devote equal amount of time and effort in attracting and servicing clients of the business. The business will have fairly low capital needs now and in the long run, no more than $300,000 for now. Each of you, therefore, will invest $60,000 in the business. You don’t want to risk being liable for more than your investments in the business. All of you want only you five to own the business, unless all of you agree to bring in a new owner. 

a. State five reasons you believe the default characteristics of the limited liability partnership (LLP) make it an acceptable business form for your business. 

b. Examining only the aspects of management structure, why is the limited liability limited partnership (LLLP) not a good form of business for you five professionals?