Question

Abigail, Blake and Camila plan to launch a business. Abigail will fund the venture but wants to limit her liability to her initial investment. She has no interest in the daily operations. Blake will contribute his full efforts on a daily basis but has limited funds to invest in the business. Camila will be involved as a consultant and manager and will also contribute funds. Blake and Camila are willing to accept liability for the firm's debts as they feel they have nothing to lose by doing so. All three individuals will share in the firm's profits and wish to minimize the initial costs of organizing the business. Which form of business entity should these individuals adopt

Answer 1

The limited partnership should be adopted by the individuals.

The following information related to the limited partnership is as follows:

• It existed at the time when two or more partners are gone for the business altogether but the limited partner should be liable to the maximum amount they invested.
• It involved the limited partners & the general partner that have the non-limited liability.

Therefore we can conclude that the limited partnership should be adopted by the individuals.

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