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In a taxation point of view for instance, corporations are divided into C type and S type. National taxation laws offer different advantages and disadvantages for these entities. As such, many other business organizational forms developed such as limited liability partnerships (LLP), professional limited liability partnerships (PLLP), and the subject of this paper, limited liability company (LLC).
An LLC is defined as an unincorporated company formed under applicable state statute whose members cannot be held liable for the acts, debts, or obligations of the company and that may elect to be taxed as a partnership...
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