The Sullivan family has developed a profitable business in which all adult members participate. They would like

Question:

The Sullivan family has developed a profitable business in which all adult members participate. They would like to make sure that the business stays in the family in the event of any future disruption (e.g., death, divorce, or other discord).

a. What do you suggest?

b. Does it matter whether the business is conducted as a corporation or a partnership? Explain.

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...