BUSINESS ADMINISTRATION
BUSINESS LAW
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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LLC
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S Corporation
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C Corporation
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Sole Proprietorship
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Detailed explanation-1: -Since LLP contains elements of both ‘a corporate structure’ as well as ‘a partnership firm structure’ LLP is called a hybrid between a company and a partnership.
Detailed explanation-2: -limited liability company (LLC)
Detailed explanation-3: -A Limited Liability Company is a legal entity all its own, while a partnership is owned by two or more people who share legal responsibility of the business entity. In a partnership, the business does not possess a legal identity outside of the business owners.
Detailed explanation-4: -When it comes to setting up a business structure for tax purposes, an LLC can either be taxed as a sole proprietorship, a partnership, a C corporation or an S corporation. An LLP, on the other hand, can only be taxed as a partnership.