Question

Businesses can be classified into the following forms: sole proprietorship, partnership, corporation, limited liability company (LLC), and limited liability partnership (LLP). Different forms of businesses have different characteristics. Which of the following characteristics would apply to a limited liability company and a limited liability partnership? Check all that apply. Have corporate ownership structure Owned by single individual LLPs are not suitable for professional firms such as accounting, law, and architecture Limited financial liability Owners have limited liability and right to vote Taxed as a partnership

Answer 1

Answer:

The correct answer is:  Limited financial liability; Have corporate ownership structure ability; Owners have limited liability and right to votes

Explanation:

Limited liability company and limited liability partnership is a type of business structure where the business is a separate entity and the owners are not personally liable for companies debts. It combines the properties of a corporation and a partnership or sole proprietorship.

It has a corporate ownership structure. Its owners have limited liability.