James, Jill and John want to start a new business and want to be
able to raise about $1 million for the business from their family
and friends. They are considering forming either a corporation or a
limited liability company. Advise James, Jill and John on what is
necessary to form and maintain (including administration, taxes,
management, etc.) a corporation versus forming and maintaining a
limited liability company. Your advice should include comments on
the advantages and disadvantages of corporations...