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Limited Liability Company (LLC)

Limited Liability Companies are entities which combine the characteristics of a corporation with those of either a partnership or a sole proprietorship. Owners (typically called members) are not liable for the company’s debts or liabilities. 

Regulations vary with state, however, an LLC is easier to form than a corporation and provides added protection and flexibility. 

LLCs don’t pay taxes; instead, profits and losses are listed on the owner’s personal tax returns. 

For federal income tax purposes, it can be classified as a partnership, a corporation, or a disregarded entity separate from its owner with regulations from section 301.7702-3.

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