Manny,

There are few professionals you need to add to your team; you need a solid accountant to audit the books of the business you are buying to assure you are truly getting what you think you are buying. Second, and most importantly, you need a solid business attorney to protect you as you buy this business for past liabilities, claims and ownership rights AND to develop a partnership agreement between you and your friends.

The SBA has a good article on this point:
www.sba.gov/category/navigation-structure/starting-managing-business/starting-business/establishing-business/buying-existing-business

Do this now while all of you are excited about this new business - before the realities of the business take up your time, energy and money. This attorney can also best counsel you on business types. There are solid arguments for all of the business structure types you mentioned. A lot depends on the roles each of you will play in this business. A Partnership or S Corp will lock all of you in through thick or thin versus other options such as unique ownership with share of the business. See here for more: www.sba.gov/content/business-structure-and-tax-implications

SCORE can also help with free business counseling. Your local SCORE Chapter has counselors who can sit down with you to help. See www.score.org to local your local chapter - use the Find Experts field.

Alice, SCORE Pittsburgh edit

That's a lot of partners for a small pizza business. I'd also challenge the price of the business at $149,000. I would talk to an attorney who is also a CPA, or better, a qualified restaurant consultant, and have them dissect the value of the business. You will probably find that you can rent the space next door and open up an extremely similar pizza business for what you have in your partnership pot.

The type of organization you should use is the easy part. edit