QUESTION $1(60$ Points$)$

You have decided to open a ski resort that will cater to beginner skiers who will come to the

resort after school and on weekends. Your best childhood friend, Jane, is interested in joining

you in this venture and is prepared to assist with the mechanical aspects of the business such

as building and maintaining the chairlifts and snowmaking equipment to allow you to focus on

the recreational aspects, like ski instruction and restaurant management. You have decided to

join forces with Jane and possibly another friend, Pat who has never had any experience in the

ski resort industry, but has had a successful career as a hedge fund manager and so is able to

contribute almost all of the $$16$ million needed to finance the venture. You all agree it would

make sense to utilize a business structure that will protect you three from individual liability while

allowing the three of you to manage the business as you see fit. What is the form of business

that would make the most sense and why?