what is the biggest difference between a partnership and a LLC? Why?

label Business
account_circle Unassigned
schedule 1 Day
account_balance_wallet $5

Other than a personal liability issue, what is the biggest difference between a partnership and a LLC? Why?

Jul 30th, 2015

Thank you for the opportunity to help you with your question!

The biggest difference between a general or limited partnership and an LLC is that the general partners of any partnership are personally liable for any business debts. This means creditors can go after the partners' personal assets while members of an LLC are not personally liable

Please let me know if you need any clarification. I'm always happy to answer your questions.
Jul 30th, 2015

Did you know? You can earn $20 for every friend you invite to Studypool!
Click here to
Refer a Friend
...
Jul 30th, 2015
...
Jul 30th, 2015
Sep 26th, 2017
check_circle
Mark as Final Answer
check_circle
Unmark as Final Answer
check_circle
Final Answer

Secure Information

Content will be erased after question is completed.

check_circle
Final Answer