LLC Basics
A limited liability company (LLC) is an ownership structure that is similar to a corporation. Actually, it combines attributes of both corporations and partnerships (or, for one-person LLCs, sole proprietorships): An LLC offers the corporation's protection from personal liability for business debts and the pass-through tax structure of partnerships and sole proprietorships. While it takes a bit more work to set up an LLC than a partnership or sole proprietorship, running one is significantly easier than running a corporation. If you're concerned about being held personally liable for debts of your business, then an LLC may be just the thing for you.
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