Two dermatologists have created a skin care line to help with blemishes and wrinkles. They'd like to go into business selling their products. Which form of business would allow them to combine the benefits of a corporation and a partnership while avoiding some of the disadvantages?
A) an entrepreneurship
B) a joint venture
C) an LLP
D) a sole proprietorship

Question

Quizplus · Accepted Answer

A limited liability partnership (LLP) would allow the dermatologists to have the liability protection of a corporation while still maintaining the tax benefits and partnership structure of a traditional partnership. This would also allow them to avoid some of the disadvantages of a corporation, such as double taxation and more extensive legal requirements.

Two Dermatologists Have Created a Skin Care Line to Help