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Limited liability company
The Limited liability company (or L.L.C.) is relatively recent type of entity developed in the United States and elsewhere similar to a corporation and a limited partnership. Basically an LLC allows for the flexibility of a partnership structure within the framework of limited liability such as that granted to corporations. Another advantage of an LLC over a limited partnership is that the formalities required for creating and registering an LLC are much simpler that the requirements most states place on forming LLCs; often they are no more complex than creating a corporate structure.
External link
- See LLC History and http://www.progress.org/2003/corpw32.htm
Referenced By
As of November 2003 | L.L.C. | November 2003
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