Assume you are a lawyer and your clients Liz and Jules come to you asking for your legal advice because they want to start a financial investment business but are unsure what business form they should open. Liz tells you that her biggest concern about going into business with Jules is that Jules was sued in the past by her previous clients for mismanaging their finances at the last place she worked. Despite those concerns, Liz believes Jules won't do that again and has agreed to go into business with Jules.

Answer the following questions:

Question #1. What two business forms would you advise Liz and Jules to open and why? Out of the two, which one do you think would be best and why? Make sure your legal advice includes considerations of liability exposure, fiduciary duties, and case law support. Note: The answer to Question #1 should be completed in one post.

Question #2. Pick one post to respond to. Assume the post you are responding to was the legal advice given to Liz and Jules and they have come to you seeking a second opinion. Do you agree or disagree with the legal advice they were given? Why or why not? Provide one more additional business form would you advise Liz and Jules to consider and why?