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Limiting your personal liability for business debts. The personal assets of the LLC members cannot be claimed to satisfy business debts. For most people, this is the most important reason to form an LLC.
Limited liability means that the business owner or owners are only responsible for business debts up to the value of their financial investment in the business. This means that a creditor can only take assets or finances belonging to the company.
Characteristics of a Limited Liability Company or LLC: It requires the filing of documents with the Secretary of State to be authorized. It may have one or more owners called members. It can be member-managed, or manager-managed. All members have limited liability.
Limited liability companies (LLC) are defined as a type of business structure where owners of the LLC are called members and are partners in a business entity with all the protection of a corporation plus the ability to pass through any business profits and losses to their personal income tax return.
A limited liability company (LLC) is a business structure in the U.S. that protects its owners from personal responsibility for its debts or liabilities. Limited liability companies are hybrid entities that combine the characteristics of a corporation with those of a partnership or sole proprietorship.
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LLC stands for limited liability company; LLCs protect a business owners personal assets if theyre involved in a lawsuit. An LLC can be taxed as a sole proprietorship, an S corporation or a partnership. An LLC can have unlimited members, unlike an S-corp, which is limited to 100 shareholders.
For example, Anheuser-Busch, Blockbuster and Westinghouse are all organized as limited liability companies.
A Limited liability company (LLC) is a business structure that offers limited liability protection and pass-through taxation. As with corporations, the LLC legally exists as a separate entity from its owners. Therefore, owners cannot typically be held personally responsible for the business debts and liabilities.
Limited Liability Company (LLC)
Limited Personal Liability. Less Paperwork. Tax Advantages of an LLC. Ownership Flexibility. Management Flexibility. Flexible Profit Distributions.

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