Tom and Wendy are launching a life coaching business. They plan to have an equal say in any managerial business decisions and they plan to share any profits or losses. They are concerned about their exposure to liability, so they have purchased some professional insurance policies. However, they are pleased with how simple it has been to organize their business. Which form of business structure have Tom and Wendy likely adopted?

• Corporation

• Sole proprietorship

• S corporation

• Partnership