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Donald and Emily recently graduated from the U of M School of Law. They want to start a general practice law firm together. They were

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Donald and Emily recently graduated from the U of M School of Law. They want to start a general practice law firm together. They were best friends in law school and are confident in each others' ability to practice law. They both have about $1,000.00 to invest in the business, and neither has any significant personal assets (neither owns a home, and both have junker cars worth scrap value, if that). They aren't sure how to form their business association, and they visit the attorney that you work for to learn about their options. Your attorney tells you that she will recommend that they form a Limited Liability Partnership or a Limited Liability Company. What form would you recommend and why? In answering this question, be sure to discuss the management, liability issues and tax ramifications of your recommended choice

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