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    Advantages and disadvantages of limited liability companies

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    What are some of the advantages and disadvantages of limited liability companies? Is this better than a partnership?

    Please reference your source(s).

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    https://brainmass.com/business/accounting-for-liabilities/advantages-disadvantages-limited-liability-companies-256021

    Solution Preview

    A limited liability company (LLC):

    * is a type of business ownership combining several features of corporation and partnership structures

    * is not a corporation or a partnership

    * the correct terminology is limited liability company

    * owners are called members not partners or ...

    Solution Summary

    This solution provides guidance regarding the advantages and disadvantages of limited liability companies.

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