Richard Sears and Alvah Roebuck want to open a general mercantile business and come to you for advice. They have heard of partnerships, limited partnerships, limited liability companies and corporations but don't know which choice is the right one for them. What would you tell them about each type of entity to help them make an educated choice? Please address each of these characteristics for each entity (a) formation requirements; (b) liability exposure of participants; (c) taxation.

Partnership:

Limited Partnership:

Limited Liability Company:

Corporation: