You have two friends, Charles and Christine, who have been fishing Lake Barkley on the weekends now for the last two years.They have developed a new fishing lure which really brings in the fish.They have been selling a few at some local markets, and the new lures are selling like hotcakes!They are now ready to start their own business and begin selling them online.They have a friend who has quite a bit of money, Lurleen Alexander, who wants to invest $100,000 in exchange for some ownership in the business.Charles and Christine want Lurleen's money but want her to have as little control as possible, although they are willing to allow Lurleen to have some say in the business.Charles and Christine have learned that you are taking a class in business law.They want your advice as to which business entity they should establish.

The requirements for a partnership, a limited partnership, a limited liability company, a limited liability partnership, and a corporation in explaining to Charles and Christine what type of business entity you recommend for them.For each different type of business entity you need to discuss the issues of creation and organization, management and control, and taxation.The entity comparison chart will be most helpful.