Identify the essential LLC characteristics regarding liability, tax, profit and loss sharing and explain how the LLC statute is a better choice for most businesses.

Limited Liability Companies share some of characteristics of partnerships and some of the

 

characteristics of corporations. Write a 4-5 paragraph essay describing the advantages and

 

disadvantages of partnerships and corporations. Identify the essential LLC characteristics

 

regarding liability, tax, profit and loss sharing and explain how the LLC statute is a better choice

 

for most businesses.

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