You and your best friend are starting a new business venture. Through your family's contacts in the business community, you have identified an opportunity to contract with one or more major local banks to transport canceled checks by air nightly to the regional Federal Reserve Bank in Dallas and return with computer equipment to be transported under contract. With a loan, you plan to purchase a Cessna Caravan. You will be the only pilot and you also plan to load and unload the plane yourself. Your friend will manage the business and handle all marketing. You will rely on the local Cessna dealer, an FAA-certified repair station, to inspect and maintain the aircraft. You do not contemplate any commercial use of the airplane other than the specified cargo operations. What form of business organization will you choose? Why?

Answer rating: 100% (QA)

Based on the information provided it appears that a Limited Liability Company LLC would be a suitable form of business organization for your venture i... View the full answer