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Limited Liability Company

A Limited Liability Company is a business ownership structure that shields its owners' personal assets through the doctrine of limited liability (like a corporation) but has pass-through taxation (like a partnership), where profits (or losses) are passed through to the owners and taxed on their personal income tax returns. Due to simplified rules regarding regulatory reporting, lower costs and less governance rules, it is often a preferred choice over incorporating a business. There are limitations on the use of a Limited Liability Company that limit or prevent its use for professional groups such as attorneys or physicians.

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