Two friends, Jim and Pam, form a consulting firm. When deciding on what business entity they should use, they are especially concerned about losing personal assets if they are sued for their professional services. They are also concerned about income and taxes as they are just starting their careers and are on a tight budget.

1. What business entity should they use? Why? 
2. What type of agency principles are involved in the type of business entity you chose in the previous question?
3. Describe something from the learning materials in this module that you found the most confusing at first. In what way(s) did you resolve your confusion (e.g., discussed with classmates, did further reading, consulted the instructor, etc.)? (Note that saying "Nothing" or the equivalent is not an acceptable response to this question.)
4. Describe how something that you learned in this module will most likely change your behavior now or in the future. (Note that saying "Nothing" or the equivalent is not an acceptable response to this question.)

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Jim and Pam when forming their consulting firm should consider using a limited liability company LLC Heres why Why Choose an LLC 1 Asset Protection An ... View the full answer