One of your best individual clients is thinking about startingup a new business and he is seeking your advice on which businessform he should select. In particular hes trying to decide whetherto operate the business as a partnership or a C corporation.Explain to him the significant tax and nontax issues that willarise from choosing each of these entities compared to the otherincluding how income will be treated by the entity the overall taxburden and the effect of distributions of property or earningsfrom the entity to your client. (Note: Do not spend time addressingother types of business entities. Credit will only be given fordiscussion of the two business entities at issue.)