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One of the newest organizational buildings for companies is limited legal responsibility company (LLC). The restricted legal responsibility construction is considered a hybrid as limited legal responsibility corporations might be formed as firms or partnerships. LLCs can provide homeowners, who’re commonly referred to members under this structure, the protection from liability and other obligations just like a company. Limited liability firms may also be set up and managed like partnerships. The taxation of LLCs also depends on its structure. Because of its restricted safety, some corporations such as banks and insurance coverage firms are restricted from being LLCs.
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