Explore BrainMass

Explore BrainMass

    Limited liability corporation vs. limited liability partnership

    This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

    What is a limited liability corporation? What is a limited liability partnership? What are differences between them? What are advantages and disadvantages of each?

    200 words

    © BrainMass Inc. brainmass.com June 3, 2020, 11:20 pm ad1c9bdddf

    Solution Preview

    A limited liability corporation, or LLC, is a business entity in which the owners are protected from a liability standpoint. In a limited liability partnership, or LLP, you see the same concept in regards to liability. However, an LLP is generally a professional group (such as doctors or ...

    Solution Summary

    Limited liability corporation (LLC) and limited liability partnerships (LLP) are discussed. The advantages and disadvantages are analyzed.