Question: What are the major differences between a corporation and a limited liability corporation (LLC) and why did the governing bodies choose to create two different

What are the major differences between a corporation and a limited liability corporation (LLC) and why did the governing bodies choose to create two different entities?

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Law Questions!

What are the major differences between a corporation and a limited liability corporation (LLC)? Why do you believe governing bodies have chosen to create the two different entities?i

Which of the following is not an advantage of a limited liability company (LLC)? A) ability to choose between taxation as a partnership or corporation B) limited liability for all members of a LLC C)...

2. Forms of business organizations Businesses can be classified into the following forms: a proprietorship, a partnership, a corporation, a limited liability company (LLC), and a limited liability...

2. Forms of business organizations Aa Aa Businesses can be classified into the following forms: a proprietorship, a partnership, a corporation, a limited liability company (LLC), and a limited...

Businesses can be classified into the following forms: a proprietorship, a partnership, a corporation, a limited liability company (LLC), and a limited liability partnership (LP). Different forms of...

Mike and Sam (two individuals) want to organize an entity to combine their two businesses. The combined business is expected to generate significant taxable income in the future. However, the...

FACTS: Mike and Sam (two individuals) want to organize an entity to combine their two businesses. The combined business is expected to generate significant taxable income in the future. However, the...

You need to describe your entire business proposal. Do not be confused. The task is looking for more than a simple re-hash of your product or service write-up that you may have proposed in an earlier...

Good Morning This is part 2 of the assignment you are already helping me with. Assignment 2: Ethics Writing Assignment Ethics play a vital role in business and in the accounting profession. Here is...

There is money to send three of seven city council members to a conference in Honolulu. All want to go, so they decide to choose the members to go to the conference by a random process. How many...

Give an example of what the TQM process would involve in a restaurant. What steps can restaurants take to ensure that a high level of quality is maintained consistently in their food delivery process?

When a periodic inventory system is used, a . only the cost of merchandise sold is recorded each time a sale is made. b . only the reduction of inventory is recorded each time a sale is made. c ....

The per-pound price of an item depends on the order quantity: Less than 100 pounds $30 per pound 100 pounds to 3,999 pounds $29 per pound 4,000 pounds or more $28 per pound The cost to place each...

2. Now change the performance so that you play out the dream in your inner the-atre. Apply colours to the images you envision. Give some pictures a stronger colour than others and vice versa. Also...

1. Imagine that you have already achieved a dream or a goal you have set for yourself. Both the goal and the dream correspond to your basic values. Try to visualize this dream or goal. What do you...

4. What means will you use to achieve these values?