What are the major differences between the outlined business entity options? Focus your discussion on Sole Proprietorships, Partnerships (General Partnerships and Limited Partnerships), and LLC's. Within your discussion please identify the major advantages and/or disadvantages.

Once you have a good idea of the differences between the entity types, please read the posted fact pattern and answer the following questions.

What law should be applied to resolve the dispute over profits? How will profits be distributed? How could this have been avoided? Would you recommend that different business entity for the friends?