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What is a limited liability corporation? What is a limited l

What is a limited liability corporation? What is a limited liability partnership? What are the differences? What are the advantages and disadvantages of each? Which form offers the strongest legal protection & why?

Please include references.

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What is a limited liability corporation?

A limited liability company is a legally recognized form of business entity that offers the owners the maximum legal protection from the company's debts. The owners have limited liability, which basically means that if the company gets into a lot of debt, the owners of the company cannot be held responsible personally for the debts of the company. An LLC can have an unlimited number of owners to the company. An LLC then decides how they want to be taxed. They can be taxed as a corporation, a partnership, or in the case of a single member LLC, the owner can be taxed in some cases as a sole proprietor. LLC's are attractive business choices for companies that have a natural high amount of liability from the acts of the business, or from debt. Mortgage companies or situations ...

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What is a limited liability corporation? What is a limited liability partnership? What are the differences? What are the advantages and disadvantages of each? Which form offers the strongest legal protection & why?

Please include references.

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