?Limited Liability Partnerships LLPs Discussion

Anonymous
timer Asked: Feb 7th, 2019
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Discussion Topic

  • Large accounting firms and other professional firms operate as limited liability partnerships (LLPs). Compare & contrast the advantages and disadvantages of a LLP form of business and a C-Corporation. Suggest the major reasons why a new entity would choose an LLP over a traditional partnership or a C-Corporation.

Tutor Answer

JesseCraig
School: Carnegie Mellon University

Attached.

Running head: LIMITED LIABILITY PARTNERSHIPS

LIMITED LIABILITY PARTNERSHIPS
Name:
Institution affiliation:
Date:

1

LIMITED LIABILITY PARTNERSHIPS

2

LIMITED LIABILITY PARTNERSHIPS
Advantages and disadvantages of an LLP form of business and a C-Corporation
Advantages


Liability protection
In both an LLP form of business and a C-Corporation, the partners (shareholders) are

protected from the actions of the company such as business losses, debts, wrongful acts, etc. For
example, a creditor is not entitled to list the property of the individual shareholders in case of
debt recovery in both LLP and C-Corporation. Under the LLP form of business, a partner is not
held accountable for the negligence or mistakes made by another partner ("Limited Liability
Partnership Advantages & Disadvantages," 2019).


Tax advantage
The partners in an LLP form of business have got a tax advantage as compared ...

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Anonymous
Top quality work from this guy! I'll be back!

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