|A limited liability company, or LLC, is a business entity created under state laws which has the characteristics of both a corporation and a partnership. An LLC is becoming the most popular way to start a business due to the following advantages:
- LLCs are easy to set up and maintain
- Members are typically not liable for the debts of the LLC
- Income and losses can be passed through to members as in a sole proprietorship or partnership
- LLCs do not have the same corporate formalities as a corporation
- An LLC has a flexible management and ownership structure
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