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How would you describe a limited-liability corporation?

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2011-02-17 05:05:55
2011-02-17 05:05:55

There is no such thing as a 'limited-liability corporation'. A 'limited liability company' is an unincorporated organization that is treated as a separate entity from the members (equivalent to stockholders of a corporation) but is ignored for tax purposes. A single member limited liability company is treated as if the income is that of the member. A multiple member limited liability company is treated as a partnership. Unless the LLC chooses to be taxed separately as a corporation.

Limited-liability companies enjoy the benefits of limited liability while being taxed like a general partnership. Owners' net income is taxed at an individual personal rate rather than at the rate of a corporation

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