500
5. Frank and Mary meet at a start-your-own business workshop. They would both like to open a bookstore. While they have start-up capital, they are worried about the risk to their personal property. What type of business should they choose and why? (LLC, Partnership, Corp, etc)
a. Limited Liability Company: In this scenario, Frank and Mary want to open a bookstore together. Because they have initial capital and concerns about personal risk, they should choose a limited liability company, which is more expensive to start than a partnership, but business debts do not become personal debts.