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Disadvantages of Partnership
            Some disadvantages of partnership are:

            •  Difference of opinion may result in disharmony and lack of management.
            •  The lack of trust among the partners may lead to dissolution of the firm.
            •  Divided decision making.
            •  Partners are jointly and individually liable for other partners’ actions.

            Corporation
            Corporation is a business organisation with a separate legal entity created by individuals or shareholders who come
            together to pursue a common goal. They elect a board of directors to look after the organization’s activities and are the
            organisation’s policy setters. Corporations can be business oriented profitable organisations or non-profit charitable
            organizations. Some of the famous corporations are Coca-Cola, Johnson & Johnson, Microsoft etc.
            Advantages of Corporation

            Some advantages of corporation are:
            •  Personal assets are totally protected as it is not owned by an individual.
            •  Shareholders have ownership in terms of percentage, so it can be easily bought and sold.
            •  Funds can be easily raised through publicly traded stock.
            Disadvantages of Corporation

            Some disadvantages of corporation are:
            •  Expensive to form and operate.
            •  More administrative duties and management formalities.
            •  Different tax policies for different types of corporations.

            Limited Liability Company (LLC)
            Limited  Liability  Company  is  most  suitable  and  popular  for  small  or  low  risk  businesses  and  is  a  blend  of  sole
            proprietorship, partnership and corporation. It is a legal firm owned and managed by its members and shareholders.
            They risk their investments keeping their personal finances protected. It is taxed as either a sole proprietorship or a
            partnership, based on the number of members. Some of the famous LLCs are SONY, IBM, eBay, etc.

            Advantages of Limited Liability Company
            Some advantages of LLC are:
            •  Number of members are not restricted.
            •  It can be started with minimum amount of capital money which can be a movable asset or an intangible form.
            •  Owners are not responsible for business debts and liabilities.
            •  Less administrative duties and management formalities.
            •  Simple and efficient taxation policies.

            Disadvantages of Limited Liability Company
            Some disadvantages of LLC are:

            •  Difficult to transfer ownership.
            •  If a Limited Liability Company has multiple shareholders, then their opinions and views need to be taken into account.
            •  More expensive to form than sole proprietorships and partnership firms.
            •  Complex account management.




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