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Limited liability corporation vs. limited liability partnership

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

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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.