ou are a newly designated CPA and are contemplating opening your own accounting firm with two of your

colleagues from your graduating class. The three of you have been debating what type of business structure to use. All

three of you are concerned about liability and want to have some flexibility for tax planning purposes. You seem to the

think that the three of you could incorporate, but one of your colleagues is equally sure that the only available option

is a partnership, but she is not sure what kind. You decide to consult with your former law professor to determine

what business structure options are available for your new firm. What do you discover as part of your research? What

option should be chosen and why?