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Amy, Becca, Chloe and Dione recently graduated from the university. The four ladies are close...

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Accounting

Amy, Becca, Chloe and Dione recently graduated from the university. The four ladies are close friends and have decided they would start a business together. They have heard of terms such as limited partnership and limited liability partnership and are unsure which business entity they should use. The four friends agree that they should all have an equal say in how the business is to be managed. They are however concerned about their own liability if the business fails. They also want to ensure that if any of them were to become in any way incapacitated or pass away, the business would be able to carry on and not be affected.

Q: Advise them, giving at least four reasons, on which of the two business entities to use 1. limited partnership 2. limited liability partnership

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