Karen, Monique, Maya and Clarke are friends. They decided to start a business and they are trying to figure out IF they should start a partnership OR a company. They visited your office to seek advice. a) Explain to them what a Limited Liability Company is outlining at least three features of it. b) Distinguish between a Private and Public Limited Company. c) Give them at least 2 advantages and two disadvantages of the friend starting a company instead of a partnership.

Karen, Monique, Maya and Clarke are friends. They decided to start a business and they are trying to figure out IF they should start a partnership OR a company. They visited your office to seek advice. a) Explain to them what a Limited Liability Company is outlining at least three features of it. b) Distinguish between a Private and Public Limited Company. c) Give them at least 2 advantages and two disadvantages of the friend starting a company instead of a partnership.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Karen, Monique, Maya and Clarke are friends. They
decided to start a business and they are trying to
figure out IF they should start a partnership OR a
company. They visited your office to seek advice.
a) Explain to them what a Limited Liability Company
is outlining at least three features of it.
b) Distinguish between a Private and Public Limited
Company.
c) Give them at least 2 advantages and two
disadvantages of the friend starting a company
instead of a partnership.

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