Keyword Analysis & Research: llc definition economics

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What does it mean to be an LLC?

What Exactly Does LLC Mean? An LLC, or limited liability company, is a type of business entity that a company can form by filing paperwork with the state. An LLC can have one owner (known as a "member") or many owners. The words "limited liability" refer to the fact that LLC members cannot be held personally responsible for business debts.

What is a limited liability company?

Everything you need to know about limited liability companies (LLCs). An LLC, or Limited Liability Company, combines the best parts of corporations, sole proprietorships, and partnerships into one business entity offering owners liability protection, flexible management structure, and certain tax advantages. In this article, you will learn:

What type of business structure is an LLC?

A limited liability company, commonly referred to as an “LLC”, is a type of business structure commonly used in the United States. LLCs can be seen as a hybrid structure that combines features of...

What is the liability of a member of an LLC?

Liability. State LLC statutes specifically provide that members of an LLC are not personally liable for the LLC's debts and obligations. This limited liability is similar to the liability protection for corporate shareholders, partners in a limited partnership, and partners in a limited liability partnership.

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