Ann and Jack have been partners for several years. Their firm, A & J Tax Preparation, has been
very successful, as the pair agree on most business-related questions. One disagreement,
however, concerns the legal form of their business. Ann has tried for the past 2 years to get Jack to
agree to incorporate. She believes that there is no downside to incorporating and sees only
benefits. Jack strongly disagrees; he thinks that the business should remain a partnership forever.
First, take Ann's side, and explain the positive side to incorporating the business. Next, take Jack's
side, and state the advantages to remaining a partnership. Lastly, what information would you want
if you were asked to make the decision for Ann and Jack?
Which of the following statements are the advantages of a partnership compared to
(Choose all that apply.)