Question

Maurice and Stanley have been operating a train store together for two years. After a patron slipped on some water on the floor and was injured, they began to think about their personal liability and decided to change the business form to one that would give them the same ability to pass-through profits and shared ownership and control but with little government interference. They would most likely form a?

Answer 1

Answer: Limited Liability Company

Explanation:

LLC abbreviated as the Limited liability company is described as the corporate arrangement under which owners tend to be not independently liable for the organization's liabilities or their debts. The Limited liability companies are also known as the hybrid bodies that tend to combine characteristics of an organization with that of a sole proprietorship or partnership.