Business Law Question Your friends Ella and Sam come to see you and tell you that they are starting a business together. They tell you that they will be creating, manufacturing and selling high quality, wooden jig-saw puzzles constructed from photographs that Sam has taken of various places in Maine: Moosehead Lake, Mount Desert Island, Lubec, Katahdin, and Monhegan to start. They have estimated that to buy the equipment needed to manufacture the puzzles they'll need to raise approximately $50,000 in addition to the contribution each of them is making. Ella will be in charge of manufacturing. Sam will be in charge of design and marketing. They expect to have at least 3 full-time employees initially, in addition to themselves. Sam's spouse has recently inherited $4 million from a rich uncle but Sam's spouse will not be investing in the company. Ella has little personal debt but not very much accumulated wealth other than the $15,000 she'll invest in the business. Ella and Sam ask you what you think would be a smart business entity for them. They tell you they think of themselves as partners already and ask if there is a way to just "get on with it." (12 points) What are the arguments for and against the following three business entities for them: (1) LP: (2) LLC and (3) corporation. Discuss: the duration of the (12 points) What are the arguments for and against the following three business entities for them: (1) LP: (2) LLC and (3) corporation. Discuss: the duration of the company, personal liability of owners and investors, ability to attract investment, tax advantages, documents required to set up the entity, ease of maintaining the entity and the state of the law with respect to that entity. (4 points) What form would you recommend as among the three? Why