It’s the early 1970s and a young George Bluth is just getting started in the real estate development business. He wants to start a company called The Bluth Organization (TBO) to launch his new business, but he doesn’t know what form of business entity to choose. To make matters worse, his lawyer, Barry Zuckerkorn, is a moron and cannot be trusted to give good advice, so George turns to you for help. George wants his wife, Lucille, to own half of the company, but he wants to be the only person who can manage the business. He obviously wants to avoid taxes as much as possible. Also, it’s pretty likely that TBO will be sued rather frequently over the next several decades, so it’s important that George’s personal assets be protected from TBO’s creditors. Barry has given George a list of business forms and now George wants you to help him understand which is best for him. The list includes: general partnership, limited partnership, limited liability partnership, s-corporation, c-corporation, and limited liability company. Explain to George the important characteristics of each type of entity and make a recommendation to George as to which entity type is best for TBO. Assume all current laws were also applicable in the early 1970s. (Hint: George seems to care a lot about taxation, liability, and management authority, so it’s probably a good idea to at least address each of those issues)
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