A ________ legal structure for your business offers a tax shelter to some partners and can offer a more creative allocation of profit and loss.

Question

Quizplus · Accepted Answer

The limited liability corporation (LLC) is the best option as it offers a tax shelter to some partners and allows for a more creative allocation of profit and loss. Sole proprietorships and general partnerships offer no liability protection and do not allow for different classes of ownership. Limited partnerships have general partners who are personally liable for company debts, making them less attractive to many entrepreneurs.

A ________ Legal Structure for Your Business Offers a Tax