A Limited Liability Company (LLC) combines the best aspects of a sole proprietorship and a corporation. Like a corporation, the owner of an LLC is protected from personal liability. However, unlike a corporation, an LLC is not required to observe corporate formalities. There is a tax advantage to forming an LLC as well. An LLC is not subject to double taxation (like a corporation), but rather enjoys pass-through taxation, which is similar to a partnership or sole proprietorship.
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