Business Law Questions (tutor: Creative Instructor)

1. What are the major differences between a corporation and a limited liability corporation (LLC)? Why do you believe governing bodies have chosen to create the two different entities? Your response should be at least 200 words in length.

2. Briefly define what makes each of the following entities different from each other and what the advantages might be for each: sole proprietorship, general partnership, limited partnership, and limited liability partnership (LLP).  Your response should be at least 200 words in length.