Leaving Extensive Personal Creditors Final Projec

Due
to some confusing language in the Final Project directions, kindly use
the following directions instead. If you have any questions, please let
me know.

For the Final Presentation, which is due at the end of Module 7, you are doing three things:

1) Revision
of Milestone 1: Students are to implement corrections/suggestions made
in the feedback provided for their first Milestone. You may submit the
Milestone as is, or with the corrections. Please indicate what changes
you have made.

2) Revision
of Milestone 2: Students are to implement corrections/suggestions made
in the feedback provided for their first Milestone. You may submit the
Milestone as is, or with the corrections. Please indicate what changes
you have made.

3) Complete
Milestone 3: You probably covered most of this in Module 6’s DB, so
just incorporate that discussion in your answer here! Be sure to
elaborate and explain.

Here are the complete directions for Milestone 3:

Jeb
and Josh are lifelong friends. Jeb is a wealthy wind-power tycoon, and
Josh is an active outdoor enthusiast. They have decided to open a
sporting goods store, Arcadia Sports, using Jeb’s considerable financial
resources and Josh’s extensive knowledge of all things outdoors. In
addition to selling sporting goods, the store will provide whitewater
rafting, rock-climbing, and camping excursions. Jeb will not participate
in the day-to-day operations of the store or in the excursions. Both
Jeb and Josh have agreed to split the profits down the middle. On the
first whitewater rafting excursion, a customer named Jane falls off the
raft and suffers a severe concussion and permanent damage to her spine.
Meanwhile, Jeb’s wind farms are shut down by government regulators, and
he goes bankrupt, leaving extensive personal creditors looking to
collect.

Specifically, the following critical elements must be addressed in Milestone 3:

1) Identify the main types of business entities and discuss the advantages and disadvantages of each.

2) Recommend a specific business entity for Arcadia Sports and include your reasoning.

3) Based
on the characteristics of each type of business entity, determine the
type under which Jeb and Josh would be personally liable to Jane for
damages.

4) Based
on each type of business entity, analyze the ability of Jeb’s personal
creditors to seize the assets and/or profits of Arcadia Sports.