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LLC stands for "limited liability company," which is a business structure that combines the pass-through taxation of a sole protectorship with the limited liability of a corporation.
An LLC is a hybrid legal entity having certain characteristics of both a corporation and a partnership or sole proprietorship (depending on how many owners there are). An LLC is a type of unincorporated association , distinct from a corporation.
For tax purposes, LLCs are largely pass-through entities like sole proprietorships. You won’t face corporate taxation. ... Why is LLC better than C Corp?LLCs and C corps both have benefits, but ...
These include corporations, cooperatives, partnerships, sole traders, limited liability companies and other specifically permitted and labelled types of entities. The specific rules vary by country and by state or province. Some of these types are listed below, by country.
By contrast, sole proprietors and partners in general partnerships are each liable for all the debts of the business (unlimited liability). Although a shareholder's liability for the company's actions is limited, the shareholders may still be liable for their own acts.
While LLCs commonly secure loans, you can get a business loan without an LLC. Other business structures, such as sole proprietorships, partnerships and corporations, also qualify for financing and ...
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