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An LLC is a type of unincorporated association, distinct from a corporation. The primary characteristic an LLC shares with a corporation is limited liability, and the primary characteristic it shares with a partnership is the availability of pass-through income taxation. As a business entity, an LLC is often more flexible than a corporation and ...
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.
LLC & Co. KG: the general partner is a US LLC; Note that when a KG's general partner is a limited company, the resulting form is legally considered as a different subtype of KG; Partnerschaftsgesellschaft (PartG): partnership company; only for professional services
Setting up a business as a limited liability company (LLC) can protect the business owner's personal assets from being claimed by business creditors. An LLC creates a shield between business ...
Although a shareholder's liability for the company's actions is limited, the shareholders may still be liable for their own acts. For example, the directors of small companies (who are frequently also shareholders) are often required to give personal guarantees of the company's debts to those lending to the company. [5]
“An LLC protects its owners’ personal assets,” says Rick Wallace, a property investor and founder of LLC Dojo. “In the event of legal action, the only assets that are at risk are the ...