ECONOMICS
ENTREPRENEURS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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proprietorship
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limited liability company
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partnership
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corporation
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Detailed explanation-1: -Limited Liability Company: A LLC is a flexible form of enterprise that blends elements of partnership and corporate structures.
Detailed explanation-2: -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-3: -A limited liability company (LLC) is a hybrid business structure that combines the best of both worlds, i.e., it possesses the characteristics of both partnerships and corporations. It provides personal liability protection to business owners while reducing tax and business requirements.
Detailed explanation-4: -Limited liability company (LLC)
Detailed explanation-5: -A domestic LLC with at least two members is classified as a partnership for federal income tax purposes unless it files Form 8832 and elects to be treated as a corporation.