A limited liability company offers protection from personal liability for business debts, just like a corporation. However, unlike a corporation, an LLC may choose how it would like to be taxed: either a partnership and be a pass-through tax entity or as a corporation, either C or S.
Like shareholders of a corporation, all LLC owners are protected from personal liability for business debts and claims, similar to a corporation. An LLC enjoys the same level of limited liability as a corporation but can have the flexibility of a sole proprietor or general partnership – the best of both worlds.
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