A ________ is a legal structure for your business which separates the owners/partners from personal liability and provides a more flexible allocation of profit and loss.

Question

Quizplus · Accepted Answer

An LLC provides limited liability protection to its owners/partners, meaning that their personal assets are not at risk if the business is sued or incurs debt. Additionally, an LLC allows for more flexibility in dividing profits and losses among its owners/partners. This is in contrast to a sole proprietorship, where the owner is personally liable for all business debts and obligations, and a partnership or limited partnership, where personal liability varies depending on the type of partner involved. Therefore, an LLC is the best choice for a legal structure that balances liability protection and flexibility.

A ________ Is a Legal Structure for Your Business Which