Answer:
- A limited liability company
- A general partnership
Step-by-step explanation:
A limited liability company LLC blends the features of a corporation and a sole proprietorship. An LLC requires a minimum of a person to form and has no upper limit.
Members of the limited liability enjoy the limited liability feature of a corporation. It means their obligations to the company's debts is limited to the level of capital contribution. If the company is liquidated, members will only lose their capital contribution. A limited liability company 'passes' its income as the income of members. The LLC does not have to file income tax returns just like a sole proprietorship business. Only owners of LLC are expected to file individual income tax returns.
A general partnership is a business structure made up of two or more partners. A general partnership is unincorporated, meaning the owners have unlimited liabilities to the debts of the business. Legally, the debts and assets of the general partnership belong to the partners.