Jul 07 2010

What is a LLC?

Category: Business & Economy

Answer:

A limited liability company is similar to a partnership without the personal liability to the owners, so in essence it is much like a corporation with a few exceptions. An LLC can have an unlimited number of members and these members will usually be taxed much like a partnership. The disadvantages of an LLC are usually ownership transfer, limited capital, harder to obtain capital, state by state differences, and converting the business type in the future.


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