Mona and her friends jack and bobby, all united states citizens, want to open a nail salon in tennessee. they would all like to avoid personal liability for debts of the business and for wrongful acts of each other. they would also like to avoid taxation as much as possible. mona is in favor of a corporation and asks if there is any problem with that form of business. jack and bobby say that they want to receive profit distributions and that they are concerned about excessive taxation with a corporation. jack and bobby urged the formation of a partnership even in the face of personal liability. mona did some research and suggested an s corporation to jack and bobby. would an s corporation provide the favorable tax treatment that the parties desire in a corporate form of business?