Identify the essential LLC characteristics regarding liability, tax, profit and loss sharing and explain how the LLC statute is a better choice for most businesses.

Limited Liability Companies share some of characteristics of partnerships and some of the

characteristics of corporations. Write a 4-5 paragraph essay describing the advantages and

disadvantages of partnerships and corporations. Identify the essential LLC characteristics

regarding liability, tax, profit and loss sharing and explain how the LLC statute is a better choice

for most businesses.