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Limited Liability Corporation (LLC)
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Related Terms
Sole Proprietor

Definition: A business structure with corporation and partnership qualities. A LLC provides protection from personal liabilities like a corporation and the tax advantages of a partnership.

Also Known As: LLC

Examples: Bob was interested in setting up his company as a limited liability company to take advantage of the tax benefits and have personal liability protection.

Common Misspellings: Can be mistaken as limited liability corporation instead of limited liability company (llc).