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From the five business organizations below, which one would be considered the most important and why?

1. Sole proprietorship
2. General Partnership
3. Limited Partnership
4. Limited Liability Company
5. Corporation

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Solution Summary

The solution discusses from the five business organizations below, which one would be considered the most important and why?

1. Sole proprietorship
2. General Partnership
3. Limited Partnership
4. Limited Liability Company
5. Corporation

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Each person will have a different feeling as why one is more important than the other. The attached highlights Corporations and LLCs and the factors that make each different and which one I feel to be the most important and why.

LLC
An LLC, Limited Liability Company, is a form of business ownership. The form of business ownership has many characteristics of a structured partnership but, in reality, it cannot be considered a partnership or a corporation, even though corporation is in its name. The parties involved in ownership are not considered shareholders or even partners, the parties are called members. With an LLC, the quantity of members is endless.

Advantages of Limited Liability Company

The members are not liable held accountable for the LLC's debts, as with any corporation. The only way a member can be held liable is through the issuance of a personal guarantee. The ...

Solution provided by:
Jo Ann Prevetti, MBA, PhD (IP)
Education
  • Master of Business Administration, University of Phoenix
  • Bachelor of Science in Paralegal Studies, Kaplan College
  • Business Diploma, Katharine Gibbs Business College for Women
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