William and Theodore have decided to start a travel business called Excellent Ad

Question

William and Theodore have decided to start a travel business called Excellent Adventures. Since their business primarily involves time-travel their clients may be harmed during a small but significant portion of the travels. Consequently, William and Theodore would like a business form that will shield their personal wealth from any legal claims that the firm might be subject to after one of the travel mishaps. If William and Theodore are the only investors in this U.S. domiciled firm, which legal form of organization would be best for Excellent Adventures to protect both William and Theodore? a. Limited Partnership b. Sole Proprietorship c. Partnership d. Corporation

Explanation / Answer

a. Limited Partnership

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