Jenny Smartperson has developed a new software application which she believes will revolutionize telecommunication. She, however, has no funds with which to develop this business. Bob Bigbucks has a very large net worth and is looking for new startup ventures or businesses into which he can invest.Jenny explains her idea to Bob and he is enthused about providing all of the necessary funds to develop this business idea into a very profitable business enterprise.

• Please identify every form of doing business that is available to Jenny and to Bob for this business. With respect to each possible form of doing business, identify what the role of Jenny and Bob would be in relationship, one to the other.
• For each choice, identify what would be the reason for that form of business ownership to be used and also the reasons why it may not be the most desirable choice.
• Conclude with your recommendation as to the form of business entity and the capital structure that would be utilized by Jenny and Bob to develop this business.