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Unformatted text preview: corporation such as Citigroup. Limited Liability companies offer limited liability to its owners. Also, they have limited liability for the corporations debt and obligations. The scenario of partnership is one who shares the profits with each other and has an understanding that the profits are split and the decision making should be agree on among the partners. The sole proprietorship is that the owner of the business is responsibly for the companys debt. Say for instance if I chose to open a car wash business and did not have anyone else invested in my business and the business did not do so well at first. I would solely have to take the loss of debt myself....
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- Spring '10