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One of many latest organizational constructions for businesses is limited legal responsibility company (LLC). The limited legal responsibility construction is taken into account a hybrid as limited liability companies can be fashioned as firms or partnerships. LLCs can present owners, who’re generally referred to members beneath this construction, the safety from liability and different obligations much like a company. Restricted legal responsibility firms will also be arrange and managed like partnerships. The taxation of LLCs also is determined by its construction. As a consequence of its limited protection, some companies such as banks and insurance firms are restricted from being LLCs.
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