LLC – Limited Liability Company

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A flexible business structure, very modern in origin, that keeps the flexibility of a sole proprietorship or partnership, with the limited liability advantages of a corporation. LLCs may elect to be taxed as a corporation instead, which grants them even more flexiblity.

LLCs are a newer form of business structure, so the implementation varies by state. While all businesses are regulated by state, there is substantially more variance between LLCs than traditional corporations or common law business types (sole proprietorship and partnerships).

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