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LLCs and LLPs

I have to prepare a paper in which I explain the roles of limited liability partnerships and corporations. If you were
establishing your own business, under what circumstances would you choose one from the other?

Be sure to properly cite your references. If you used an electronic source, include the URL. If you used a printed source please attach a copy of the data to the paper.

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I have been part of corporations and LLCs throughout my career and am very familiar with the process. The following guide will further your knowledge in this area and assist you with your paper.

I wrote from knowledge but I did attach a book that will further assist you, called LLC or Corporation, How to Choose the Right Form for your Business. The book can be found online and it will further assist.


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 ...

Solution Summary

The solution discusses Limited Liability Corporations and Limited Liability Partnerships