GK
MARKETING MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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There are two or more owners, the partners share in the costs, decisions, and responsibility.
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Money is easily raised by shareholders although most decisions are made by the board of directors.
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Run like a partnership and a corporation limited the responsibility of the partners
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One owner who makes all of the business decisions
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Detailed explanation-1: -In general, an LLC offers better liability protection and more tax flexibility than a partnership. But the type of business you’re in, the management structure, and your state’s laws may tip the scales toward partnership.
Detailed explanation-2: -Because an LLC is a separate entity, the owners of the company have limited liability. This is one of the most important benefits to operating as a limited liability company. Limited liability means that the individual assets of LLC members cannot be used to satisfy the LLC’s debts and obligations.
Detailed explanation-3: -General partners share both ownership and control, but in publicly held corporations, these functions are separated. Additional benefits for a partnership include flexibility in financing, single taxation, and the ability to deduct losses.
Detailed explanation-4: -Limited liability protects the member’s personal assets from the liabilities of the business. LLP’s are a separate legal entity to the members. Flexibility. The LLP is deemed to be a legal person. Corporate ownership. Designate and non-designate members. Protecting the partnership name.