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 doesnt 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.

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