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Limited Liability Company and Corporation

Please outlines the similarities and differences between a Limited Liability Company and a corporation. What are the advantages and disadvantages of each organizational type?

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There is a great deal of information online regarding the difference between a LLC and a corporation. When an individual begins a business, it is important that he or she chooses the best business structure for his or her company. There are many advantages and disadvantages to a LLC versus corporation. Remember, there are also different types of corporations (including a S-corporation and C-corporation).

First, I believe it's important to examine what a LLC stands for... A LLC is a Limited Liability Company. According to ask.com, "A Limited Liability Company (LLC) is a type of business ownership that combines several features of corporation and partnership structures. Owners of a LLC are called ...

Solution Summary

This abstract provides essential information about the similarities and differences between a LLC and a corporation. Understanding the appropriate business structure for an organization is essential, specifically depending on various factors, which are up to the owners and/ or shareholders. This solution offers an in-depth description of business structures (LLC and corporation).