Adam and Bill want you to help them decide on selecting a business entity for their business between a corporation or partnership. Adam and Bill want to form an entity to conduct consulting business. Each will own 50% of the business, and both will be actively involved in the business. Both want to ensure their personal assets are protected from business creditors, but they do not have much money for legal fees and set-up costs. They also want an entity that does not involve complicated accounting, which would increase the entity's cost.

What business entity would you recommend to Adam and Bill? Why?