Question: Experts predict that limited liability companies (LLCs) will replace both corporations and partnerships for most small businesses as a result of Internal Revenue Service (IRS)

Experts predict that limited liability companies

Experts predict that limited liability companies (LLCs) will replace both corporations and partnerships for most small businesses as a result of Internal Revenue Service (IRS) regulations. 1. What are these IRS regulations that make forming an LLC so advantageous? 2. If a person came to you asking if you thought that they should make their small business an LLC instead of a partnership, what would you tell them? Back it up with substantive reasons. Be sure you provide at least two paragraphs of analysis

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