Go to this texts Web site at academic cengage com blaw clarkson and select Chapter 38 Click on Video Questions and view the video titled Corporation or LLC Which Is Better Then answer the following questions (a) Compare the liability that Anna and Caleb would be exposed to as shareholders owners of...

a In a corporation Anna and Caleb as shareholdersowners would not be held personally liable for paying the corporations debts Anna and Caleb would also enjoy limited liability in a LLC Members in an L ...

Go to this texts Web site at academic. cengage.com/blaw/clarkson and select Chapter 38. Click on Video Questions

Question:

Go to this text’s Web site at academic. cengage.com/blaw/clarkson and select “Chapter 38.” Click on “Video Questions” and view the video titled or LLC: Which Is Better? Then answer the following questions.
(a) 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).
(b) How does the taxation of corporations and LLCs differ?
(c) Given that Anna and Caleb conduct their business (Wizard Internet) over the Internet, can you think of any drawbacks to forming an LLC?
(d) If you were in the position of Anna and Caleb, would you choose to create a or an LLC? Why?

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...