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Limited Liability Companies

A Limited Liability Company (LLC) is a type of business structure that combines the flexibility of a partnership with the protection of a corporation. Owners, known as members, have limited personal liability for the company’s debts, meaning their personal assets are usually safe if the business faces legal issues. An LLC allows for fewer formalities in management and tax benefits, as profits can be passed directly to members without being taxed at the corporate level. This makes LLCs a popular choice for small businesses and entrepreneurs wanting to protect their personal finances while benefiting from operational flexibility.

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    A Limited Liability Company (LLC) is a flexible business structure that combines the benefits of a corporation and a partnership. Owners, known as members, are protected from personal responsibility for business debts and liabilities, meaning their personal assets are safe if the business faces financial trouble. LLCs offer flexibility in management and tax treatment, allowing profits and losses to be reported on members' personal tax returns. This structure is popular among small businesses due to its simplicity and legal protections, making it easier for entrepreneurs to operate while minimizing personal risk.