FUNDAMENTALS OF ADVANCED ACCOUNTING >I
FUNDAMENTALS OF ADVANCED ACCOUNTING >I
6th Edition
ISBN: 9781307007350
Author: Hoyle
Publisher: MCG/CREATE
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Chapter 9, Problem 5Q
To determine

The advantages and disadvantages of these legal forms which a company is being created and the owners are trying to decide whether to form a general partnership, a limited liability partnership or a limited liability company.

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Two of the business organizational forms your book talks about are limited liability company (LLC) and partnership. What is a limited liability company (LLC)? And how does it differ from partnership? Identify three ways in which they differ,  Be brief and to the point.
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