Lauren and Peter are brother and sister. They have recently inherited a large sum of money and have decided that they want to use that money to start a restaurant business together. Peter has some experience working as a manager at a fast$-$food restaurant and Lauren has a business management degree. They believe that together they can make this restaurant a big success. Lauren is married with kids and owns a house. Peter, on the other hand, is a single guy with no assets and lots of debt.

Lauren is very concerned about losing her house if the restaurant $$goes under$.$ She does not want to enter into this business, unless she can be sure that she won$$t lose her house if the business fails. Peter, on the other hand, has no assets to lose, other than the inheritance. However, Peter is worried that his older sister, who is somewhat bossy, will take over the

management of the restaurant. He wants to make sure that he is involved in the management of

the business.

$.$

What business organization$($s$)$ would be appropriate for Peter and Lauren$$s restaurant

business? Explain and support your answer by $($a$)$ briefly describing the legal

characteristics of each available business organization; and $($b$)$ discussing why each

bus. org. would or would not be appropriate for Lauren and Peter, in the circumstances.