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LLC definition :
Limited Liability Company. This is a U.S. business structure that is a cross between a partnership and a corporation. Like a corporation, the individual owners of an LLC are protected from personal liability. However, an LLC retains the partnership's benefit of having profits and losses pass to the owners without the entity itself being taxed. This business structure is ideal for small companies who are not yet ready for incorporation, but would like to avoid personal liability.

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