A limited liability company is a 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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This statement is true, as a limited liability company (LLC) combines the limited liability protection of a corporation with the flexibility of a partnership or sole proprietorship. LLC members are not personally liable for the debts and obligations of the business, and they have the ability to participate in management and control without putting their personal assets at risk.

A Limited Liability Company Is a Form of Unincorporated Business