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An LLC, or Limited Liability Company, is a business structure that combines the flexibility of a partnership with the liability protection of a corporation. Owners, known as members, enjoy limited personal liability for business debts and obligations, meaning their personal assets are generally protected. LLCs also benefit from pass-through taxation, where profits and losses are reported on the members' personal tax returns, avoiding double taxation. This structure is popular among small business owners for its simplicity and legal protections.
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