If you want to open a business with another fellow student whom you met a few months ago and admire for being a very responsible person, would you want this business entity to be aCorporationor aGeneral Partnershipand why?

Discuss issues involving formation (i.e. formalities, filing with the state, ease of creation, etc.), operation, duties, management, limitation of liability (i.e. shielding individuals from personal liability, piercing the corporate veil..), and termination of the business entity.