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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?

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Solution Summary

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

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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 ...

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