The process of preparing a budget can be divided into two parts: the top-down approach and the bottom-up approach. The top-down approach starts with executives who decide the targets for the budget. Managers then use these targets to set the budget for their department.
A corporation has the greatest liabilities because while it is a separate entity, its liability can extend to the shareholders if it goes into bankruptcy.
As for limited liability companies, neither of them are separate legal entities but both have some degree of separation depending on the size of the company and how much influence one owner has over another.