General partnership-limited partnership

Assignment Help Accounting Basics

Reference no: EM1364059

I need to determine the best form of business entity for a business having the following characteristics and explain why choose that form of business:

1. Small business

2. Local in Nature

3. Three owners: two contributed a different amount and the third is contributing his or her services in lieu of capital, each of the owners has spouse and adult children.

Choose among: a general partnership, a limited partnership, a LLC, a type C Corporation.

State your assumptions and defend your choice.

Reference no: EM1364059

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