You are the family’s attorney. Based on the scenario below, what is your recommendation for the best business entity to meet their needs? Explain fully.
Michael is thinking about starting a paper distribution company. He alone does not have the money to get it up and running, but he knows his children Dwight, Pam, and Jim want to have major roles in this potential business.
As the father, Michael wants to do everything in his power to protect his children from any harm the business can bring them. He would much rather be on the line than them.
Dwight, Pam, and Jim all have management experience, and Michael knows they will run the paper distribution business so well he probably won’t need to be involved too much, if at all.
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