Final Takeaways Flashcards
1
Q
Which business forms are the best?
A
LLP or LLC is the best
- limited liability–all owners shielded from vicarious liability, unlike a general partnership of limited partnship
- flexible management–all owners may exercise control, unlike a limited partnership
- less tax liability–income is passed through, unlike a corporation
- may convert or merge one business form into another easily (all owners must consent)
