Corporate Liability

Paper Summary:

Compares the tax & legal advantages of three forms of organization for business companies. LLC (limited legal liability), LLP (limited liability partnership, & traditional S corporations. Examines changes in business law. Partnership laws. Small business. Bibliography includes laws, codes, regulations, statutes. Business law & law review articles.

From the Paper:

"Corporate Liability
Introduction


Traditionally, businesses, other than sole proprietorships, considered three forms of organization: C corporation, S corporation and partnership.. However, during the 1970s, a form of organization known as a limited liability company (LLC) became available. Now, even more recently, the limited liability partnership (LLP) is also available. Generally, limited liability business structures allow two benefits: limited legal liability and pass through tax treatment.. This paper will consider the tax and legal advantages of the LLC and the LLP versus the more traditional S corporation.


Limited Liability Corporations
Beginning with Wyoming in 1977 and ending with the Hawaii legislature in 1996..."

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