Limited liability company
The
Limited liability company (or
'L.L.C.') is relatively recent type of entity developed in the
United States and elsewhere similar to a
corporation and a limited partnership. Basically an LLC allows for the flexibility of a
partnership structure within the framework of limited liability such as that granted to corporations. Another advantage of an LLC over a limited partnership is that the formalities required for creating and registering an LLC are much simpler that the requirements most states place on forming LLCs; often they are no more complex than creating a corporate structure.
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