What you’ll learn to do: discuss the advantages and disadvantages of hybrid forms of business ownership

The concept of “limited liability” has given rise to hybrid forms of business ownership such as LLCs and LLPs. In this section you’ll learn what these forms are and the pros and cons of each.

The specific things you’ll learn in this section include:

• Define limited liability company (LLC) as a form of business
• Define limited liability partnership (LLP) as a form of business
• Discuss the advantages and disadvantages of LLCs
• Discuss the advantages and disadvantages of LLPs