As discussed in the textbook, large accounting firms and other professional firms operate as limited liability partnerships (LLPs). Compare and contrast the advantages and disadvantages of a LLP form of business and a C-Corporation. Suggest the major reasons why a new entity would choose an LLP over a traditional partnership or a C-Corporation.

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Advantages of a LLP Being a limited partner puts a limitation on liability with respect both to potential lawsuits and money the limited partner is only going to be liable for the amount of capital it ... View the full answer