Define and describe two of the following business entities; limited liability company, limited liability partnership and limited partnership. describe the advantages of doing business with each form. and set state which of these business entities you would want to do business in and give the reason for your choice.

The following are the business entities:

Limited Liability Company:

The limited liability company is a private company as where the individual is responsible towards the debts and liabilities of the company.

Advantages:

The following are the advantages of limited liability company:

1. Increased flexibilty on business activities.

2. Less paper work for this type of business.

3. Tax classified business

Limited Partnership:

The limited partnership where two or more partners will jpin together and start a business and they would be liable towards the debts.

Advantages:

1. Share on the profit and loss with the partners.

2. Risk is reduced as the business activities is shared.

3. The limited partners are not liable for debts.

I would prefer on Limited Liability Company, the reasons are given below:

1. The paperwork are less in this type of business so that save on the cost and time and that benefit towards starting up a business.

2. Legal transaction would happen as where tax needs to be payed.

3. The profit would be enjoyed as an individual, so that the responsibilty level towards business increases.