Question

Tina and Lynn have decided to start a bed and breakfast in their mountain town. They don't want to spend a lot of money to set up their business because they'd rather put the money into creating an inviting place for guests to stay. They know they need to set their business up with some legal protection that separates their personal assets from their business assets. Which form of business would be best for them?
Corporation
Limited liability corporation
Partnership
Sole proprietorship

Answer 1

A Limited liability corporation would be the ideal business setup for Tina and Lynn based on their needs.

What is a Limited liability corporation?

It corresponds to a legal business structure where there is greater protection for partners and investors by providing for the separation of personal assets from commercial assets in the event of economic losses.

Therefore, based on the need to protect their personal assets, a limited liability company would be the ideal form of business for them.

Find out more about Limited liability corporation here:

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