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In: AccountingA&B (two individuals) wants to organize an entity to combinetheir two businesses. Assume the business...A&B (two individuals) wants to organize an entity to combinetheir two businesses. Assume the business will average $1 millionof taxable income from the combined businesses. What entity wouldyou advise your client to form? Please include in your discussion acompare and contrast of the different forms of business regimesincluding a discussion of a corporation, an S corporation,partnership and a limited liability company. Also, include in yourdiscussion the different tax consequences between the differenttypes of entities including which of these regimes requires thebusiness entity to pay tax on the income earned and which of theseregimes requires the entity owners to pay tax on the income earnedby the entity.Discuss the short term vs. long term benefits / detriments ofeach form of business regime.