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LLP, LLC and the differences

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1.What is a limited liability corporation?

2.What is a limited liability partnership?

3.What are the differences?

4.What are the advantages and disadvantages of each?

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1) LLCs are business structures that insulate owners from personal liability for debts, obligations and other liabilities of the business. LLCs also have pass through taxation, meaning that the business is only taxed once and the members and the business are not both taxed.

2) LLPs are business structures that insulate owners from the liabilities resulting from other owner's wrongful acts, omissions or negligence. Sometimes, depending on the state, LLPs afford further ...

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