Limited Liability Partnership Essay

1033 Words 4 Pages
Entrepreneurs have the privilege of deciding how they want their business to operate. It is obvious that success is one of the main goals, but the pace and direction to get there can be different. Business owners have to develop a structured plan that will guide them for one milestone to the next. It is beneficial for some entrepreneurs and business leaders to think heavily about what style of structure is best suited for their vision. Those styles of structure would be a sole proprietorship, partnership, limited liability, and corporation. Beginning with sole proprietorships, Roger Miller identifies it as “the simplest form of business”. The reason behind that definition is because the owner is in control of everything related to the business. …show more content…
The key word in that is limited. Roger Miller definition of limited liability partnership is “a hybrid form of business designated mostly for professionals who normally do business as partners in a partnership.” In a limited liability partnership the chance to share or express opinions and suggests are accepted on a limited basis. All partners involve having little voice; therefore, they can limit their interaction with the business. In other words, limited liability partners’ total assets, including their personal belongings are not in jeopardy if the business faces losses or hardships. However, “a limited liability partner is still liable for his or her own wrongful acts,” as Roger Miller said. Owning up to positions and responsibilities are still required under the limited liability partnership agreement. As Ezra 10:4 New Living Translation (NLT) reads, “Get up, for it is your duty to tell us how to proceed in setting things straight. We are behind you, so be strong and take …show more content…
All structures have various laws and regulations to follow as well as governmental responsibilities. Either a business can begin as something locally owned and operated and remain that way or begin as some nationally known and transition to a globalized operation. All structures have their own advantages and disadvantages. It is the task of the leader to find what is best realistic for his or her budget level. Therefore, Luke 12:15 New Living Translation (NLT) advises, “Then he said, “Beware! Guard against every kind of greed. Life is not measured by how much you own.” It is not advised for entrepreneurs or their partners or their shareholders to make a decision without considering all the other options from a mental, physical, financial, and emotional

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