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Limited Liability Company Definition |
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limited liability company (LLC) definition – The LLC is not a corporation, but it offers many of benefits of a corporation. Many small business owners and entrepreneurs prefer LLC’s because they combine the limited liability protection of a corporation and the pass through taxation of a sole proprietorship or partnership. The downside to an LLC is that it does not offer the free transferability of ownership, perpetual existence, and the ability to be totally owned by a single individual that one gets with a corporation. |
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