Compare and contrast the limited liability company with a general partnership. Perform the same analysis regarding...

Compare and contrast the limited liability company with a general partnership. Perform the same analysis regarding the limited liability company and a corporation.

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Expert Solution

Limited Liability Partnership

Similar to General Partnership
No personal liability for negligence of another partner
Used by accountants, lawyers, and, professionals
In the United States, filing with United States Secretary of State is required
At least one general, and, one limited partner
Single member LLCs

General Partnership

two or more persons, in general, not a married couple
Contribute labour, money, or, skill to a business
Each partner shares losses, profit, and, management of business
Partner equally and personally liable for debts
Formal terms contained in the written partnership agreement
Two General partners

Corporation

Complex business structure
privileges, rights, liabilities beyond an what an individual can have
It may be formed for profit, or, non-profit
Yields financial control, that may go with lower financial control
In the US, filing required with the Washington Secretary of State
Allows one or more shareholders

keosha answered 3 months ago

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