Because of Pete’s fear of “going it alone,” we can take sole proprietorship out of the equation. I would advise Pete to choose the limited liability partnership. Primarily because it is pretty much just a partnership expect that an LLP partner has no liability for most LLP obligations, however, an LLP partner retains unlimited liability for his own wrongful acts. In addition, it is the preferred form of business for professionals (pg. 956). As an LLP, Pete gets exactly what he wants. Pete and his partner or partners will be their own bosses and he will not have to go at it alone.
The biggest advantage of an LLP is that the partners do not have unlimited liability for torts committed by other partners, something a general partnership lacks
The biggest advantage of an LLP is that the partners do not have unlimited liability for torts committed by other partners, something a general partnership lacks