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Briefly name and describe some organizational forms other than corporations that provide owners with limited liability
Briefly name and describe some organizational forms other than corporations that provide owners with limited liability.
Expert Solution
- Limited liability partnership: Here, the liabilities of the partners are limited to the percentage they have in the business. Through bringing together different partners' resources, there would be increased growth capacity and low production costs. The profits received by the partners are untaxed, and therefore they would have to pay the taxes individually. In case of failure of the partnership, there is protection against any legal action for the assets of the partners. The assets that are in the partnership would be lost while those not involved in the partnership would not be touched.
- Limited liability Company: It minimizes the quantity of liability that is undertaken by the shareholders of a company. It limits every individual's liability to the percentage that they own in the company. In the case of financial distress in the company, the creditors cannot seize the shareholder's personal assets. Therefore, the shareholder only loses the percentage of their investment and nothing more than that.
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