Explain limited liability partnership

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Reference no: EM1348360

There are seven forms of business

1) Sole proprietorship, 2) partnership, 3) limited liability partnership, 4) limited liability company (including the single member LLC), 5) Small Corporation, 6) Franchise and 7) Corporation.

1. Research as well as provide three advantages and three disadvantages for each business form.

2. Offer a 100- to 200-word summary in which you provide an example business that you would start for each form. What is lawfully necessary to file in order to form that business? Describe at least one of the advantages and one of the disadvantages of that form.

Reference no: EM1348360

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