Your professor co-owns a business with some other partners. The partners have agreed on how profits will be distributed among themselves. The company itself is not taxed separately, but each member pays his or her share of federal taxes as part of their individual income tax. He also mentions that none of them can be made personally liable for negligent business decisions by other partners or the company itself. Which types of organizations could this be? Select all that apply:

a) Limited liability corporation

b)  (LLC) Limited liability partnership (LLP)

c)  Sole proprietorship

d)  S corporation

e)  C corporation

Answer rating: 100% (QA)

The detailed answer for the above question is provided below The type of organization that your professor coowns is a a Limited liability corporation ... View the full answer