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LLC Partners
Some business owners choose to create partnerships or limited liability corportaions instead of a corporation. If a bsuiness can't pay its debts, its creditors can demand apyment from the general partners' perosnal assets. General partners have the authority and responsiiblity to manage the business. Lmiited partners escape the unlimited liability that the general partnres have. These are junior partners who have ownership rights to the profits of the business, but they odn't generally participate in the high-level management of teh business. A limited liability firm (LLC) is becoming more prevalent among smaller businesses. An LLC is like a company regarding limited liability and it's like a partnership regardign the flexibility of dividing profit among the owners. The owners must enter into very detalied agreements aobut how the profits and management responsibilities are divided.
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