Your friend from high school finds out that you are an aviation attorney and calls you up with a business proposition. For the last five years he has been flying as an ag pilot performing aerial application (crop dusting) back in Iowa. Agriculture is a booming business right now and he wants to know if you and two of your mutual friends would be interested in starting an aerial application business. The plan is for the three other friends to contribute equally to capitalize the business and to provide the down payment on the plane with your high school buddy doing all the flying as his contribution. You've run the numbers on the plan and it seems solid. Your friends have left it up to you to research what type of business entity they should set up. Of the four entities discussed in Chapter 13 which entity will you recommend to your friends and why?