Detailed Answer
(a) A limited liability company provides for limited
liability of its members, similar to the limited liability of the
shareholders of a corporation. However, it typically has a limited
duration of existence, similar to that of a partnership in which the
death or withdrawal of a member or partner causes the business
to dissolve unless the remaining members or partners choose to
continue the business. The limited liability company can also be
taxed similar to a partnership if formed to do so. The Subchapter
S corporation has the limited liability of the corporation but is
taxed similar to a partnership.
