Tim, Bob, and Sal started a business of renovating homes where they all could actively manage the company while protecting their personal assets from unlimited liability. Moreover, they do not want to hold regular board meetings. They, most likely, formed a _____.

Question

Quizplus · Accepted Answer

A limited liability company (LLC) provides personal asset protection for its members while allowing them to actively manage the company. It also does not require regular board meetings. Nonprofit corporations have different requirements and goals, while limited partnerships and general partnerships do not offer the same level of personal asset protection as an LLC.

Tim, Bob, and Sal Started a Business of Renovating Homes