Definition:
A legal entity that has the option of being taxed like a partnership, but shields personal assets from business debt like a corporation.
Related Terms:
Corporation
Partnership
Sole Proprietorship
Related Information:
Limited Liability Companies (LLCs)
How to Form a Limited Liability Company
Legal Resources for Small Businesses
Related Books:
How to Form and Operate a Limited Liability Company: A Do-It-Yourself Guide
Nolo's Quick LLC: All You Need to Know About Limited Liability Companies
Books about Legal Issues in a Small Business
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