If the LLC is not structured properly, it is taxed like a C corporation. Liability The owner's personal assets are at risk. Each partner's personal assets are at risk. General partners' personal assets are at risk. A limited partner is liable only to the extent of his or her investment.
Corporate form is found to be a sham.
Similar to rules for corporations. Dissolution Easiest form of business to dissolve. Pay debts, taxes, and claims against business. Pay debts, taxes, and claims against business. Settle partnership accounts.