Three medical professors at Vanderbilt have formed a business to improve the use of robotics during appendectomies. Each has contributed an equal amount of cash and knowledge to the venture. Although their approach looks promising, they are concerned about the legal liabilities that their business might confront.Jim Loftus, a college student looking for summer employment, opened a bike rental shop in a small shed at a local boardwalk.Lynn James and Bob Counts each owned separate purse manufacturing businesses. They have decided to combine their businesses. They expect that within the coming year they will need significant funds to expand their operations.Austin, Dallas, and James recently graduated with accounting degrees. They have been friends since childhood. They have decided to start a consulting business focused on not-for-profit accounting and bookkeeping services.Joe Martin wants to rent DVD players and DVD at rest stops across the country. His idea is that customers will be able to rent equipment and DVDs at one rest stop for their children, watch them during their trip, and then return them at their destination or on the way home. Of course, this will require a substantial investment in equipment and DVDs, as well as employees and locations at each rest stop. Joe has no savings or personal assets. He wants to maintain control over the business.Use this Discussion Board to discuss your answers to thesituations. In your original post, you are required to present your recommendations for the form of business organization for at least 3 of the 5 situations with explanations for why you chose that particular form. You must also respond to at least TWO of your classmates’ postings.