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LLC format offers businesses flexibility, plus tax advantages
If you want your business to have the flexibility and tax advantages of a partnership while maintaining the limited-liability benefits of a corporation, consider forming a limited liability company (LLC). Like a corporation, an LLC is a separate legal entity that limits the liability of its members. However, it has the tax benefits of a partnership.
LLCs are also free of many legal requirements that govern corporations (including annual reports, director meetings, shareholder requirements and so on).
In addition, LLCs are a pass-through tax entity, which means that company profits and losses are passed through the business and taxed solely on the members’ individual tax returns.
Full Story: http://sfgate.com/cgi-bin/article.cgi?file=/chronicle/archive/2005/12/07/BUGCMG3PTC1.DTL&type=business
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