Max Reinholt and Rubin Stelmach are interested in starting a lawn and yard maintenance company that will operate under the name of Maximum Yard Maintenance. Max is very good at marketing and sales but isn't that fond of physical labour. Rubin excels at completing yard work on a timely basis but has limited people skills.
Instructions
(a) What are the advantages and disadvantages to Max and Rubin of operating this business as a partnership as opposed to a corporation?
(b) What other alternatives might they consider to setting up a partnership?
(c) Assuming they decide to form a partnership, what should be included in their partnership agreement? Be specific given the nature of the business and the two partners.
Taking It Further
Should Max and Rubin consider forming a limited partnership or a limited liability partnership? Would either of these types of partnerships be of benefit in their particular situation? Explain.