Law easy assignment

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ORIGINAL THOUGHTS ONLY

Review the different types of business entities listed below:

Partnership
Limited Liability Partnership
Limited Liability Company (including single member LLC)
S Corporation
Franchise
Corporation

Provide a practical example of each entity; for example, Franchise: Individual owner of a McDonald’s restaurant.

Solution Preview

Business Entities

Partnerships are a lawful entity of two or more business partners responsible and liable for the business with the intention of earning a profit. An example is the’’ law offices of Daniel, Smith and Jones’’.

Limited liability partnership entity has two or more people each receiving unique benefits as per the total cash each partner contributes. An example of a limited liability partnership is the ‘’Big four’’ which is an accounting firm.

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