The Smith family has a very successful family tea shop that also provides wireless Internet access and live entertainment. They believe that there is a great deal of growth opportunity in such tea shops and plan to eventually expand. After meeting with their
lawyers and accountants, they realize they need to change their
business structure to either a corporation or a limited liability
company. They understand that both have limited personal liability.
Using the information in your text regarding the advantages and
disadvantages of each, what recommendation would you make tothe Smiths. Form a corporation or limited-liability company?
Provide at least three reasons for your recommendation.
Answers: 3
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