A limited liability company may elect to be taxed as a partnership,the owners can manage the business,and the owners have limited liability for debts and obligations of the partnership.

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A limited liability company (LLC) can choose to be taxed as a partnership, which means that the company's income is passed through to its owners and taxed on their personal tax returns. The owners can also manage the business themselves, and they have limited liability for the company's debts and obligations.

A Limited Liability Company May Elect to Be Taxed as a Partnership,the