LLC's are a hybrid business entity that combines the advantages of corporations and partnerships. Corporations offer the advantage of and partnerships offer liability protection; tax advantages tax advantages; liability protection simplicity of formation; joint and several liability Fability protection; tiability protection Question 4 2 pts An important component and essential to the long term survival of any business in the event of a liability inducing occurrence is that of having las discussed in lecture but not in the book). trademark protection an operating agreement adequate insurance an estate ptan