Drs. Jones and Smith became colleagues during the general surgery residency. Upon completion of their residency, they

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Drs. Jones and Smith became colleagues during the general surgery residency. Upon completion of their residency, they decided to start a general surgery practice together. They have learned about the different options available (partnership, LLC, etc.), but they do not have a background in business and are unclear about the pros and cons of each alternative. As such, they have asked you to present to them which options they have, the pluses and minuses of each, and a recommendation of which form of organization they should select.