You are paralegal for a business law firm, Store & Tapestry. Gerald Store, a partner at the firm, has a new client and would like your assistance with that client. Jon Martin 999 W. Irving Road, Mosinee Wi 54455 and Jeffrey Lokeed 87405 S. Joliet Road, Knollton, WI 54455 are interested in forming a company to help them with their business. They wish to provide private airline rides from Wausau to Middleton for Fortune 500 executives and members of the Wausau social elite.

They plan to fly their Single Engine Sessna P90 from Wausau City Airport in Wausau to Middtleton Municipal Airport. Their company is to be called Martin Lokeed Aviation. Their world headquarters and principal place of business will be 3 W. Clark, Suite 254, Wausau, IL 54401. They each are contributing $100,000 to the business and will be equal "players in the business".

Mr. Store would like a 2-3 page Memorandum on:

• The positives and negatives of the various types of businesses we have examined (sole proprietorship, partnerships (GP, LP, LLP), LLCs, and corporations).
• What would be the advantages and disadvantages for each type of business entity for our intrepid flyers?
• You should describe the various types of businesses (sole proprietorship, partnership(s), LLC, C-Corporation and S-Corporation) that we have discussed in class and are listed in the text book and handouts.
• You should then make a decision about which business entity they should open and how it should be structured.
• What regulations or otherand what, if any, special precautions they should take when opening their business.

Remember, not all types of businesses can utilize all business entities. Please include which entity you would recommend for the Martin Lokeed and why you would recommend that type of business.