This is a graded discussion: 5 points possible due , Chapter 42 Discussion H 9' Please do some research to nd a current business that is classied as an LLC and discuss why you think the business owners decided to structure the entity as an LLC. Please refer to the following information in detail: Corporations have six characteristics: (1) associates, (2) an objective to carry on a business and divide the gains, (3) continuity of life, (4) centralized management, {5} limited liability, and (6) free transferability of interests. Partnerships also, necessarily, have the rst two corporate characteristics; under lRS rulings, if the LLC is not to be considered a corporation for tax purposes, it must lack at least onehalf of the remaining four characteristics of a corporation: the LLC, then, must lack two of these corporate characteristics (otherwise it will be considered a corporation): (1) limited liability, ( 2) centralized management, {3) continuity of life, or (4) free transferability of interests. But limited liability is essential and centralized management is necessary for passive investors who don't want to be involved in decision making, so passithrough taxation usually hinges on whether an LLC has continuity of life and free transferability of accounts. Thus it is extremely important that the LLC promoters avoid the corporate characteristics of continuity of life and free transferability of interests