What Is a Limited Liability Company?

If you want your business to be successful, you must put forth a great deal of effort. It takes a great business plan, a strong work ethic, and a good bit of talent to become a successful businessperson. Because you worked so hard for your success, you clearly want to make sure that you protect your personal resources. This can sometimes be done through the creation of a limited liability company. A limited liability company gives you the best of both worlds to a certain extent. You enjoy the personal asset protection that would be afforded to a corporation, but you can take advantage of flow-through taxation. When your business entity is a limited liability company, your personal assets are protected from the actions of the business. If someone wanted to sue the limited liability company, only the company s assets would be in play. However, even though you have this level of asset protection, you can still claim the profits and losses from a limited liability company on your personal
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