What are the major differences between a corporation and a limited liability corporation (LLC)?
THESE QUESTIONS ARE FOR A TIMED EXAM!!! I WILL NEED BACK IN 2 1\2 – 3 HOURS.
1. Briefly define what makes each of the following entities different from each other and what the advantages might be for each: sole proprietorship, general partnership, limited partnership, and limited liability partnership (LLP).
Your response should be at least 200 words in length.
2. What are the major differences between a corporation and a limited liability corporation (LLC)? Why do you believe governing bodies have chosen to create the two different entities?
Your response should be at least 200 words in length.