S-Corp, LLC, LLP

Question 1

LLC

Elements

Answer 1

• Limited liability;
• Flow-through (also known as “pass-through”) taxation;
• The ability of owners to participate in management without risking personal liability;
• Flexibility in the ability to allocate profits and losses to members;
• Flexibility and choices in the entity’s management structure (centralized or decentralized); and
• Partnership-like fiduciary duties.