The learning objective of this assignment is to apply fundamental legal concepts through legal reasoning.
Assume you are a lawyer and your clients Liz and Jules come to you asking for your legal advice because they want to start a financial investment business but are unsure what business form they should open. Liz tells you that her biggest concern about going into business with Jules is that Jules was sued in the past by her previous clients for mismanaging their finances at the last place she worked. Despite those concerns, Liz believes Jules won’t do that again and has agreed to go into business with Jules.

Answer the following questions:

What two business forms would you advise Liz and Jules to open and why? Out of the two, which one do you think would be best and why? Make sure your legal advice includes considerations of liability exposure, fiduciary duties, and case law support.