1. Compare the liability that Anna and Caleb would be exposed to as shareholders/owners of a corporation...

Question:

1. Compare the liability that Anna and Caleb would be exposed to as shareholders/owners of a versus as members of a limited liability company (LLC).
2. How does the taxation of corporations differ from that of LLCs?
3. Given that Anna and Caleb conduct their business (Wizard Internet) over the Internet, can you think of any drawbacks to forming an LLC?

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...