1. David and his sister Stephanie actively involved in running a profitable partnership business that had an annual turnover of $50 million. They inherited their business from their parents. David and Stephanie were both married with young children. While they eventually would like their respective spouses and children to have share in the business, David and Stephanie want to maintain managerial control. They appreciate that their business needs additional money to grow and would be happy to sell 20 percent of their business for a significant cash injection from one or more investors. They confidently expect that with additional funding their business would quickly achieve a $100 million turnover and control 30 percent of the market.

Advise David and Stephanie whether they should continue to operate their business as partnership. Would another type of structure be more appropriate for them in the future? Explain your reason fully