A law firm where you work has been approached by a group of investors who wish to purchase an office building. They have requested the firm to advise them as to what type of legal entity should be formed to own the building. Consider the advantages and disadvantages of each of these entities as an owner of real property:

• a. corporation
• b. general partnership
• c. limited partnership and 
• d. limited liability company.

Advise the investors as to which entity you think will be the best form in which to own the property and why.

Answer rating: 100% (QA)

The most suitable legal entity for owning an office building can vary depending on various factors like liability tax implications management structur... View the full answer