John and his brother James were operating a partnership firm. It was a successful venture with an annual turnover of $10 million. Both of them are...

John and his brother James were operating a partnership firm. It was a successful venture with an annual turnover of $10 million. Both of them are married and have children. It is their long term plan to give their children and spouses some share in the business. However, they would like to retain the management powers of the firm. Recently some lucrative opportunity have opened up to them and they would require an additional capital injection of $10 million to capitalise on the opportunity. They are willing to sell 20% of their business for the capital injection, as their accountant tells them that this opportunity will be able to increase their turnover to $50 million within the next 12 months.

Advise John and James whether to continue their operation as a partnership? Would another type of structure be more appropriate for their plans? Explore all the types of options available to them and consider the advantages and disadvantages of the business structures proposed. Follow to IRAC style