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Ch 38 Limited Liabilities Companies

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Q It has often been said that limited Liability Companies (LLC's) are the "best of all worlds" business entity. 1) What advantage does the LLC have over a general partnership? 2) What advantage does the LLC have over a limited partnership? 3) What advantage does the LLc have over a corporation?

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When it comes to company debts, there is limited liability which can be exercised by LLC owners as well as LLC organizational members (Clarkson, Miller & Cross, 2016). Even when the investment made into a particular company is considered, the liability is of limited nature for the LLC owners and the LLC organizational members. This implies that the liability for any act of negligence or act of wrongful nature by a professional individual can be put on the company in which the individual might work.