What are the advantages of a form being formed as a limited
liability company (LLC) instead of a limited partnership? Any
disadvantages? Three individuals recently created a LLC, with equal
interest. One will be working in the business as manager and will
receive a salary of $60,000; all will have substantial income from
other sources. The LLC expects to be profitable and will earn
approximately $30,000 of ordinary income and $30,000 or long-term
capital gain. What tax issues should the...