Question: 1. Define each of the following in terms of the liability of the partners:
General partnership
Limited partnership
Limited liability partnership
Limited liability limited partnership.
If a partnership wants to be taxed as a corporation, how would it go about doing so? If a corporation (incorporated under state laws) wants to be taxed as a partnership, how would it go about doing so? If an unincorporated multi-owner organization doesn't select a tax entity, how will it be taxed? Compare the tax treatment of the formation of a partnership to the formation of a corporation. Compare the tax treatment of partnership distributions to the tax treatment of corporate distributions.