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What exactly are limited liability corporations?
I know an LLC is one option for making your organization official, but I still don't really get what a limited liability corporation is. Can someone explain?
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Limited liability corporations do not exist, Ralph. You are referring to limited liability "companies" i believe.
LLCs, as they're referred to, are a more recently created business entity than the time-honored C Corporation. LLCs were devised to provide people with greater flexibility, single taxation and pass through of losses such as in a partnership, and the legal liability protection provided by corporations.
I find LLCs generally to be simpler to form and operate than corporations. we write pretty extensively about this on StartupNation, especially in our Knowledge Hub.
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