LIMITED LIABILITY COMPANY - LLC
A business structure where the company members are not personally responsible for its debts or liabilities. In essential, it combines the traits of a sole proprietorship or partnership, and a corporation. Similar to the corporation, the availability of single flow-through taxation to LLC members is part of a partnership feature. LLC shareholders are protected from personal liabilities that is beyond what they have invested in the company. LLCs are different from one country to the other.
Also called company limited by share.
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