Jhanvi Gulabani (from India) and Sara Codak have become very good friends while studying at Syracuse University to obtain a Business Administration degree. The two have a love of food and wine and they have decided that with their skills they could start a winery. They have been able to source the grapes from some vineyards in California and are ready to make the wine in a cellar in Syracuse, NY. They estimate that their production would be about 800 cases of wine in year one with designs for much more in the future. They have spoken to various distributors for their product with limited success. They have also spoken directly to small boutique wine shops in Syracuse and the surrounding area that may be willing to give them some shelf space. It is their overall hope that someday they will have sales in each of the United States and eventually export their product to China as the demand for quality wine in China has exploded recently. They have decided to call their product “the Freshman Whine”, with the slogan “grades are all we have in mind”. Despite getting good grades in class, neither paid particular attention during their law and public policy class, where the Professor bored both of them with war stories about choice of entity that didn’t make sense. They have come to you to ask what type of entity may be the best fit for their new venture. In the space provided discuss the various entities we considered in class and conclude which one may be the best fit for these two budding entrepreneurs. Be thorough to discuss all the pros and cons and restrictions of each type of entity. Be sure to pick one type as your recommendation and support why paying particular attention to the risks of this type of business.