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    What is a limited liability company?
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    It is one type of a business entity that entrepreneurs can choose when they start their companies. A Limited Liability Company (LLC) is a hybrid of a limited liability business and a partnership. It is not an incorporated business. But the owners are shielded from personal liability. At the same time, the owners can take advantage of favourable tax treatment that usually applies to partnerships. For example, the LLC is treated as a partnership for tax purposes. So the owners can have the business' income "flow through" the business and be taxed once.

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