Sally and Alicia are equal general partners In a business. They are content with their current management and tax situation but are uncomfortable with their unlimited liability. Which form of business entity should they consider as a replacement to their current arrangement assuming they wish to remaln the only two owners of the business? Multiple Choice Sole proprietorship Jolnt stock company Limited partnership Limited ability company Corporatiorn

Question

15-10-2019
Business

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Sally and Alicia are equal general partners In a business. They are content with their current management and tax situation but are uncomfortable with their unlimited liability. Which form of business entity should they consider as a replacement to their current arrangement assuming they wish to remaln the only two owners of the business? Multiple Choice Sole proprietorship Jolnt stock company Limited partnership Limited ability company Corporatiorn

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Nyctalus Nyctalus · Answer 1 · 2019-10-17T10:51:44+02:00

Answer: Limited liability company

Explanation: It refers to a hybrid structure for firms which have the characteristics of both company and partnership. The limited liability characteristics is a feature of a company while the tax treatment is done as similar to a partnership.

In the given case, Sally and Alicia are equal general partners and wants to change their unlimited liability structure.

Hence from the above we can conclude that the correct option for them is limited liability company.