Facts: Your client is forming a new real estate venture and asked you for structuring advice. The venture is expected to invest in self-storage properties in multiple states. Sources of capital will include a Line-of- Credit cross collateralizing the entire portfolio of assets and raising equity from high net worth individuals. All investments of equity will be allocated 100% of profits until they receive an 8% return on their investment. Your client plans to invest a small amount of his own money and receive a percentage of profits in the future after the equity investors receive their 8% return. The manager of the fund is an individual who is also concerned about personal liability. Please answer the following questions: . Please describe the type of entity you would advise your client to form for federal income tax purposes and why? . Since your client, the manager of the venture, is concerned about personal liability, what entity type would you propose he hold his interest in the new venture? Facts: Your client is forming a new real estate venture and asked you for structuring advice. The venture is expected to invest in self-storage properties in multiple states. Sources of capital will include a Line-of- Credit cross collateralizing the entire portfolio of assets and raising equity from high net worth individuals. All investments of equity will be allocated 100% of profits until they receive an 8% return on their investment. Your client plans to invest a small amount of his own money and receive a percentage of profits in the future after the equity investors receive their 8% return. The manager of the fund is an individual who is also concerned about personal liability. Please answer the following questions: . Please describe the type of entity you would advise your client to form for federal income tax purposes and why? . Since your client, the manager of the venture, is concerned about personal liability, what entity type would you propose he hold his interest in the new venture