A limited liability company is an unincorporated business entity that combines the most favorable attributes of general partnership,limited partnerships,and corporations.

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A limited liability company (LLC) offers limited liability protection to its owners (like a corporation), but is taxed like a partnership. Additionally, LLCs have flexible management structures and fewer formal requirements than corporations. Therefore, an LLC combines the most favorable attributes of general partnerships, limited partnerships, and corporations.

A Limited Liability Company Is an Unincorporated Business Entity That