A Limited Liability Company (LLC) provides owners with limited personal accountability for business debts and dealings, protecting their personal assets.
A limited liability company (LLC) is a legal form of business ownership in which owners have limited personal accountability for the debts and dealings of the company. This means that the owners' personal assets are protected in case the company faces financial difficulties or legal issues.
Unlike sole proprietorships and partnerships where owners have unlimited liability, in an LLC, owners enjoy the protection of limited liability, similar to shareholders in a corporation. By forming an LLC, individuals can engage in business with reduced personal risk, making it an attractive option for many entrepreneurs.
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