Ronnie, James, and Macy agree to form a computer technology business. All three agree to invest in

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Question:

Ronnie, James, and Macy agree to form a computer technology business. All three agree to invest in the company and want to participate in company management. However, they want to make sure that their liability is limited to their capital contribution. They would also like to avoid any double-taxation issues. Fully discuss two business organization entities that would meet their criteria, addressing the characteristics and requirements of both.