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The LLC, or Limited Liability Company, can be defined as an unincorporated company that is a cross between a corporation and a partnership. The owners of an LLC are referred to as “members”. The LLC is a business structure that allows owners to pay business taxes on their individual income tax returns like partners (or, for a one-person LLC, like a sole proprietor). With an LLC you simultaneously achieve the goal of pass-through taxation of business profits and limited personal liability for business debts.
Listed below are some of the characteristics of an LLC:
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By: Michael Schiller