After reading this chapter, you should understand the following:
- The limited partnership
- The limited liability company
- Other hybrid business forms: the sub-S corporation, limited liability partnerships, and limited liability limited partnerships
This chapter provides a bridge between the partnership and the corporate form. It explores several types of associations that are hybrid forms—that is, they share some aspects of partnerships and some of corporations. Corporations afford the inestimable benefit of limited liability, partnerships the inestimable benefit of limited taxation. Businesspeople always seek to limit their risk and their taxation.