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  1. A business may take one of the following forms: sole proprietorship, general partnership, limited partnership, corporation, or limited liability company. Choose one of the business formations and identify how it is created and the characteristics of that business formation. Provide support for your discussion.
  2. Corporate officers and directors owe fiduciary duties to the corporation. What is a fiduciary relationship? Identify at least two of the fiduciary duties and provide an example of each.
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Solution Preview

LLC law is based on partnership law, therefore, provides the benefit of limited liability. It also provides the tax benefits of partnership to the members. In a way, it provides limited liability of the corporation while the tax benefits of a company. The assets of each member are shielded from the company's creditors. Though LLC can be formed by the single

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