You and two of your college roommates have discussed plans to open a restaurant. You intend to attract college-age students who are health-and fitness-minded to your restaurant. You and your coowners agree that each will invest equally in terms of time and money. However, in addition to contributions made by each of you, another $700,000 is essential for the restaurant to succeed.

What type of organization is best suited for this business activity? Who will manage the restaurant during times that you and your coowners are not present? What liabilities do you and your coowners face?

You should incorporate, there would have to be a management structure set up, And among the "three" one needs to have management control over issues that come up.
Since this is a new business I doubt the actual business can get a line of credit for 700000 so most likely all three partners will have to be personally liable for the loan also.

Hello c:

If you're in college, then you've never run a restaurant before. Why don't you just send me the money you're going to lose?

excon