What is a Limited Liability Company (LLC)?

A Limited Liability Company which is commonly referred to by its’ abbreviated form, LLC, incorporates traits from two different entity types: a Partnership and a Corporation. From a legal standpoint, this entity is considered to be distinct and separate from the owners of the company, which are called “members”. The great thing about forming an LLC is that the members are protected and are not held personally liable for any debts, judgments, or obligations of the company, which makes it different than partnerships.

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