You and three AgSci alumni are starting a new firm for vertical farming of salad crops. One of your colleagues has an uncle willing to provide investment to get the firm up and running, but who has no interest in running the firm.

Consider 8 key design questions that guide selection of an appropriate legal entity structure for your firm:

1. Continuity of Existence
2. Liability of the Owners
3. Resource Acquisition and funding sources
4. Participation in Management
5. Compensation of Management
6. Transferability of Ownership
7. Record Keeping
8. Tax Planning

Discuss three (3) of these questions in relation to your choice of whether the firm should be a partnership, an LLC or a corporation.