Bob and Carol want to open a bed and breakfast inn as soon as they buy and renovate a turn of the century home What would be the major disadvantage of using a general partnership rather than a corporation for this business Should they consider any other form for structuring their business ...

Lack of limited liability A corporation provides limited liability protect ...

Bob and Carol want to open a bed and breakfast inn as soon as they buy and

Question:

Bob and Carol want to open a bed and breakfast inn as soon as they buy and renovate a turn-of-the-century home. What would be the major disadvantage of using a general rather than a for this business? Should they consider any other form for structuring their business?
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may... Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...