Compare and contrast the limited liability company with a general partnership. - 20763

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  • From: Business,
  • Posted on: Tue 30 Jul, 2013
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Request Description

Compare and contrast the limited liability company with a general partnership. Perform the same analysis regarding the limited liability company and a corporation. 

Solution Description

Compare and contrast the limited liability company with a general partnership. Perform the same analysis regarding the limited liability company and a corporation. 

 

Limited Liability Company vs. General Partnership

General Partnership

In a general partnership all partners are jointly and severally liable for the debts of the business whether those debts are generated through contract breach or tort liability.

It is assumed that all partners will participate in management (presumption can be altered