A limited liability company is taxed like a Limited liability partnership, but retains ownership interest for owners.
A limited liability company is a type of company that combines the features of a corporation and the tax efficiencies and operational flexibility of a partnership.
Just like a limited liability company, a limited liability partnership (LLP) is a partnership in which some or all partners have limited liabilities. As the name implies, the liability of each members of limited liability company is limited to the amount of capital invested in the business.
Some features of Limited liability company (LLC) are:
Therefore, a limited liability company is taxed like a limited liability partnership but retains ownership interest for owners.
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A limited liability company is taxed like a limited liability partnership but retains ownership interest for owners.
A limited liability company is a corporate person, a legal structure (a partnership of two or more persons) for an organization where the corporate loss (if any) will not exceed the amount invested into the partnership.
When the organization is taxed, it is taxed as a corporate entity. Corporate taxes do not affect the individual partners. Because of this limitation of liability ownership interests are protected.
Other qualities of a limited liability company are:
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