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An LLC More Like A Combination Of A Corporation And A Partnership.
An LLC offers the limited liability of a corporation, while allowing more flexibility in managing the business and organization.
An LLC also avoids the issue of double taxation.
The legal definition of a LIMITED LIABILITY COMPANY - A business structure that is a hybrid of a partnership and a corporation. Its owners are shielded from personal liability and all profits and losses pass directly to the owners without taxation of the entity itself. (lectlaw.com)
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