Unformatted text preview: liabilities against the owner’s personal assets. In some cases as a Corporation the owner may carry some level of liability against their personal assets, but not to the extend that they carry the liability under a sole proprietorship. In addition, a sole proprietorship ends with the death of the owner and it is also very difficult to transfer ownership of the organization in the event that the owner wishes to sell the company. These disadvantages are all equally true again an LLC and a corporation. It is my recommendation that McGee Cake Company become an LLC. The advantages of selecting an LLC is that the liabilities remain with the company and the company will become much more easily transferred in the event that one of the owners die or decide to sell it. For these reasons McGee Cake Company should become an LLC....
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- Spring '11
- Finance, Corporation, Limited Liability Company, McGee Cake Company