A limited liability company (LLC) would be the best type of business entity for Greta and Malala to establish. For business owners, LLCs have several benefits, including pass-through taxation, personal asset protection, and flexibility in management structure. An LLC would allow Greta and Malala to both operate the firm while also offering some security for their personal assets in the event that the company is sued or encounters other legal issues. LLCs are also rather simple to create and keep up, which will be helpful for Greta and Malala as they launch their company. Overall, the ideal kind of company entity for them to create is an LLC.

After speaking with legal counsel, Greta and Malala decide to form a business corporation. Their autonomous vehicle business takes off and has become very successful.

Reviewing our class materials, please explain the different roles that they can have in the new corporation and the purpose of each role.