400 words

Question 41 

1. 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.  

Question 42 

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.