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11 May, 13:29

Classify this form of business:

Selena and Mario run a law firm in Chicago. The firm has debt of 100k, but Selena and Mario are not held personally liable for the law firm's debt

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  1. 11 May, 13:57
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    Limited Liability Partnership / Limited Liability Company.

    Explanation:

    Limited Liability Partnership: A limited liability relationship is a company in which certain or all members have defined obligations, based on the law. Consequently, it can show collaboration and organizational features. Each partner in an LLP is not accountable or liable for any wrongdoing or incompetence of another party. Limited Liability Company: A limited liability company is a management structure whose proprietors are not personally responsible for the obligations or responsibilities of the business. Limited liability corporations are hybrid organizations that combine a company's features with that of a partnership or sole business entity.
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