You and two business associates have agreed to go into business together and are going to cause a separate entity to be created through which that business activity will be conducted. The three of you will actively participate in the development of the business. You anticipate that there may be losses incurred in the initial start-up year and, after that, you expect the business to be profitable. It is your intention to reinvest most of the earnings in the business and, at some point a number of years in the future, plan to sell the business.

As a result of the Tax Cuts and Jobs Act that became effective January 1, 2018, what are the two most likely forms of business entity that you would utilize and, of those two, which would be most appropriate for you and your two business associates?