In a well-organized, 500-word essay, compare, contrast, and describe the sole proprietorship, partnership, limited liability company, and corporate forms of business organization. Include the pros and cons of each form of business.
APA 7th Ed
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A limited Liability Company (LLC) is a business structure that combines features from a corporation and a partnership to raise the ability to start a small business. Due to the mixture, LLC provides the flexibility of operations like in both sole proprietorship and partnerships and corporation’s limited legal liability (Cappellino, 2020). LLC’s advantage is that its profits are taxed once, and it has a separate legal entity. However, LLC has some shortcomings because state laws limit the ownership of this type of business. Also, there are high costs incurred when starting the business enterprise because it requires a lot of filing and high legal fees.
