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Business Structure: Differences

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Describe the differences among corporations, LLCs and limited partnerships.

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Solution Summary

This solution explains business structures. The sources used are also included in the solution.

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Step 1
A limited liability corporation gives limited liability protection to owners and members, and the profits go direct to the members. The LLC has the advantages of both a corporation and a partnership.
Step 2
The corporation protects its shareholders from the liabilities of the company. Corporations pay taxes on their profits and its earnings are taxed twice both in ...

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