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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?

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THESE QUESTIONS ARE FOR A TIMED EXAM!!! I WILL NEED BACK IN 2 1\2 – 3 HOURS.

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. 

2. 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. 

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