Penny and Rick, equal partners in a partnership, recently attended a business-planning seminar held in their town. While at the seminar they learned about limiting their personal liability by using the corporate form of business association. Penny and Rick’s business has incurred product liability because it manufactures replacement parts for motorcycles. The most important information that Penny and Rick acquired from the seminar was the tax and legal advantages of incorporating their partnership business. According to a speaker at the seminar, incorporation would protect Penny and Rick from losing their personal wealth if someone sued them. Following a phone call from the partners to set up an appointment, you have scheduled a meeting with Rick and Penny for this afternoon. In preparation for the meeting you draft a list of points to discuss with the couple. What kinds of tax and non-tax strategies should you include in this list?