Jeff comes to consult with you about an idea he has. He tells you that he does not have a lot of cash to pay but if you help him, he will compensate you with equity in the company. He talks about a crazy website were individuals can buy and sell books online, something called Amazon. Knowing that the book industry is a multi-billion-dollar industry, you agree. Jeff tells you that he needs to form a business entity for his business idea. He wants a company that he can grow while still keeping a close eye on his investors. Jeff has big dreams that that company will one day be a multi-billion-dollar company that sells more than books. Jeff wants the most liability protection possible while still avoiding as much taxes as possible.

1) What kind of relationship have you started with Jeff? What type of authority(ies) has Jeff given to you, please explain? (No IRAC needed)