Most hedge funds? Goldman Sachs up until 1998 or so?
> A business that has not incorporated (or set up as a limited
> liability partnership) in the United States has an incompetent lawyer.
LLPs, and their much more common sibling LLCs are absolutely not incorporated. They are business structures that are designed to limit liability, but the IRS, for instance, does not treat them separately the way they treat corporations.
In places like California, the benefits of LLCs are vastly over-stated, especially by lawyers.
/jordan