A limited liability company is a relatively new form of unincorporated business association that blends the advantages of both general and limited partnerships, because all its members may have limited liability and all may participate in management and control without loss of limited liability.

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A limited liability company (LLC) combines the limited liability feature of a corporation with the tax efficiencies and operational flexibility of a partnership, allowing all members to participate in management without losing their limited liability protection.

A Limited Liability Company Is a Relatively New Form of Unincorporated