Two individual taxpayers are forming a new business together and must select the appropriate entity type for their business (C corporation, S corporation, or partnership). For each situation in the table below, select the type of entity that is allowed under the tax law and is the most advantageous to the taxpayers for federal tax purposes. Refer to the tax rate schedule provided to help determine which entity form is best. The owners are expecting the business to generate substantial profits as soon as they begin operations. The owners plan to leave the profits in the business and not take distributions for several years. Both owners are in the lowest two individual income tax brackets