The business form that offers the limited liability of a corporation and the tax status of a flow-through entity is

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A limited liability company (LLC) is a hybrid business form that combines the advantages of a corporation (limited liability protection) with the tax benefits of a flow-through entity (profits and losses pass through to the owners' personal tax returns). A close corporation is a type of corporation with a limited number of shareholders, but it does not offer the same flow-through tax benefits as an LLC. Sole proprietorships and general partnerships do not offer limited liability protection.

The Business Form That Offers the Limited Liability of a Corporation