PART 1
Experts predict that limited liability companies (LLCs) will replace both corporation and partnerships for most small businesses as a result of Internal Revenue Service (IRS) regulations.
1. What are these IRS regulations that make forming an LLC so advantageous?
2. Conduct some Internet research and find a case involving an LLC. Briefly state the facts of the case and explain the court’s decision. Provide at least a paragraph of your own analysis–do you agree with the court’s decision–why or why not?
PART 2
If a small business owner came to you for legal advice regarding starting a business, what would you tell her about creating a limited liability company? Please discuss the pros and cons of a limited liability company. Include the financial and liability implications.
Do some quick Internet research. Find a case that involves a limited liability company. Briefly state the facts of the case and the court’s decision. Do you agree with the court’s decision?
