Peter, Paul, and Mary plan to create a new business that buys, restores, and sells classic cars. The three individuals have been involved in a number of business deals dating back to the 1990s. Each individual has a net worth of at least $2 million. Peter has located an old auto dealership to be the showroom for the classic cars. Paul has restored many classic cars so he has developed the network for purchasing restorable cars. Mary is a well-established promoter of new businesses and is in charge of determining the business plan, selecting the entity form, obtaining the external financing, and hiring the firm’s accountant. She also will handle most of the day-to-day management. Mary has narrowed the business entity choice down to a partnership, C or S corporation, or limited liability company. You have talked with Mary about this project at length in three different meetings. She wants your advice about selecting the appropriate business entity for the business. Prepare a short list of the pros and cons of using each of the four business forms and be prepared to make a final recommendation to Mary at your next meeting with her.