Limited Liability Company

Limited Liability Company

About Limited Liability Company:

in most states, a form of organization that may be treated as a partnership for federal tax purposes and that has limited liability protection for the owners at the state level. Business form that combines the flexibility and tax advantages of a partnership with the limited liability features of a (joint-stock) company: An LLC may be taxed as a partnership or a corporation depending on the nature of the status under which it is organized. The entity may be subject to the state franchise tax as a corporation. Some states have also recognized limited liability partnerships (LLPs), in which the individual partners are protected from the liabilities of the other partners. These entities are considered partnerships for both federal and state tax purposes.


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