Business Forms Selection

Business Forms Selection
Name
Institution
What legal business Entity (such as a Partnership, LLC, S Corporation or C corporation) would you suggest they select for their situation to best meet their needs and goals? Fully explain your reasoning pros and cons for this entity.
I would suggest that they select a partnership. This is mainly due to the of the simplicity of formation and operation, and the provision for the decision on how to share the responsibilities and returns based on each partner’s contribution towards the business, either financially or in the running of the business.
Pros of a Partnership
A partnership has the advantage of tax benefits as opposed to corporations. General partnerships may not pay taxes, as it passes through any profits or losses to its partners.
A partnership hemps in bridging gaps in knowledge and expertise in business as different members contribute their skills in the business.
Prospective partners can bring more financial resources into a business. One partner may have lots of connections in the financial world hence getting more funding, and another may have a lot of potential customers hence increasing the revenues (Martinuzzi, 2016).
Cons of a Partnership
Partners in a partnership business entity have unlimited liabilities hence they may lose they personal resources if the partnership goes bankrupt.
Issues can arise that can cause a difficult working relationship with a partner, for example when one partner is less reliable and lazy(Martinuzzi, 2016).

What process is required, if any, to create/form the suggested ENTITY? Be sure to identify both the institution and documents required.
Steps of setting up a partnership
Choosing a name
Determine which state to register
Determine the specifics of the management, investments, and profits
Drafting of a partnership agreement
“After the draft partnership agreement is created, the partners determine whether they will create a Statement of Partnership if it is a general partnership or a certificate of limited partnership if it is a limited liability partnership” (FreeAdvice, 2018).
Obtaining a bank account and an Employer Identification Number (FreeAdvice, 2018).
Any additional permits or licenses that may be required to run the business are obtained at this stage (FreeAdvice, 2018).
The main requirements for forming a partnership is that all partners be citizens of the country or have the authorization to operate a business in the country.
What additional information would you need or like to know to provide them with a complete answer?
I would like to know how much they intend to expand in the coming years, and if they would like to add more partners to the business with time.
From whom, after you, would you recommend that your friend seek advice as they proceed?
I would recommend them to seek advice from an accomplished and reputable business or corporate lawyer as he or she is likely to have more insight and experience on the subject of business form selection.

References
Bragg, S. (November 26, 2017). Partnership Advantages and Disadvantage. Retrieved on March 10, 2018, from https://www.accountingtools.com/articles/partnership-advantages-and-disadvantages.htmlFreeAdvice (2018). Retrieved on March 10, 2018, from https://business-law.freeadvice.com/business-law/partnerships/setup-partnership.htmMartinuzzi, B. (2016). What Are The Advantages And Disadvantages of a Partnership? Retrieved on March 10, 2018, from https://www.americanexpress.com/us/small-business/openforum/articles/what-are-the-advantages-and-disadvantages-of-a-partnership/