The following are the facts you are to use for the basis for this question.
Corey and Clarence have pooled their savings to create a start-up company to develop and market an idea they conceived while students together at MIT. They obtained permission to use a college lab during late night hours a few nights a week during their last term before graduating to work on the project. Then they were able to move to Loren's parents’ garage, which they keep locked.
Now they need more sophisticated resources. They have created a prototype robotic device, which they call "Phoebe."
Phoebe will aid first responders in disaster relief by sensing and locating survivors remotely in areas unsafe for humans and dogs to navigate. Phoebe's sensors will locate living beings, scan vitals, assess level of trauma, and enable communication with a conscious survivor.
Corey and Clarence have mapped out both private and public, civil, and military, applications of Phoebe, plus continued R & D improvement and development into next-phase capabilities.
They have not shared their theory, the prototype, their documentation, or any of the associated hard and soft technologies with anyone, but anticipate needing to do so to obtain a funding source.
QUESTION PROMPT:
In a coherent, integrated essay, please provide the following advice to Corey and Clarence. Please organize your essay with appropriate headings so that it is easy to follow your advice and understand the basis supporting it.
Corey and Clarence do not yet have any sort of company or business organization together. They have worked together and pooled their money, time, and knowledge in an informal collaboration to jointly create Phoebe. They are considering one of the following corporate formations: (1) C-Corp; (2) S-Corp; (3) Limited Liability Company (LLC); (4) General Partnership. In your essay,
Define each of these four (4) business forms;
Explain the pros and cons of each for Corey and Clarence's situation;
Then, recommend one of these four as the best choice for Corey and Clarence; and
Explain why that selection is your recommendation.