Which of the following is the most common type of corporate structure that is used by accounting firms that operate in the U.S.?

Question

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A limited liability partnership (LLP) is the most common type of corporate structure used by accounting firms that operate in the U.S. This is because an LLP allows the partners to enjoy the benefits of a partnership, such as pass-through taxation and flexibility in management, while also limiting their personal liability for the firm's debts and obligations. This structure is well-suited for professional service firms, such as accounting firms, where the partners may be exposed to significant liability arising from errors or omissions in their work. Corporations and cooperatives are less common structures for accounting firms, while sole traders are not typically used for larger firms with multiple partners.

Which of the Following Is the Most Common Type of Corporate