Doctor will locate and purchase a suitable four-unit building. Architect will remodel it. When the work is done, the renovated building will be sold by the Dr.-Architect real estate company and Architect will receive 25% of the net profits. The best analysis of this is:

a.	This does not describe a separate entity for federal tax purposes.	c.	The profit share is merely a fee and does not bear much relevance here
b.	This company could use the check-the-box regs to be taxed as a partnership or association	d.	The company may only be taxed as a partnership