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Limited Liability Company (LLC)
A Limited Liability Company (LLC) is a business structure that combines the flexibility of a partnership with the liability protection of a corporation. Owners, known as members, are protected from personal liability for the company’s debts and obligations.
Forming an LLC provides business owners with liability protection, commonly shielding personal assets from business debts and claims. This structure also offers flexibility in management and tax options. Proper documentation, compliance with state regulations, and maintaining separate business finances are essential for preserving the liability protection offered by an LLC.