This Discussion Forum is based on Chapters 25 & 26 of the course textbook. Johnn

This Discussion Forum is based on Chapters 25 & 26 of the course textbook.
Johnny installs fire prevention systems in homes and offices. He currently works for the Fantastic Protection Services Company (FPS), a locally owned business. FPS owns and operates seven stores in the greater Seattle area: Rainier Valley, Fremont, the University District, Ballard, West Seattle, and Shoreline. Johnny manages FPS’ Shoreline store.
Johnny has substantial experience in fire protection and wants to open his own store. Johnny’s sister, Sue, also works at the Shoreline store as a salesperson. Sue has been named “Salesperson of the Year” for each of the past five years. Johnny and Sue are tired of working for other people and helping to make them rich. Johnny and Sue believe they can make themselves rich if only they could open their own store. The first thing Johnny and Sue want to do is determine which business form is the best one for them to choose. Johnny and Sue have a substantial amount of money saved up and are willing to use their own funds to start this new business. However, they are also risk averse. Accordingly, they want to limit their liability.
There are two parts to this analysis:
A. Johnny and Sue want your advice as to the following business forms. Explain to Johnny and Sue the benefits and detriments of each of these forms of business organization.
(1) Limited Partnership (LP)
(2) Limited Liability Company (LLC)
(3) Corporation
B. Inform Johnny and Sue what other information you would like to receive from them to better advise them about their choice of business organization.
(Links t (Links to an external site
You may quote from the text or any other source so long as the quotations do not exceed 15% of your total response.
All quotations must be offset by quotation marks (“”) followed by a complete citation to the source. For the textbook, you may simply state: Text, followed by the page number (e.g., Text, P. 222). All other sources should include at least the name of the source and the web address where the source may be located.