Limited Liability Company -- Perfect Setup For Small Businesses By: Susan Chiang A Limited Liability Company or LLC is a legal entity that limits the liability of its owners. LLC is more suitable for small businesses with a limited number of partners. Limited Liability Company is neither a corporation nor a partnership, but combines the benefits of both. The liability of a businessperson is limited to his investment in the LLC. This means that he cannot be held personally liable for company debts unless he has stood a personal guarantee. Tags: llc, llc formation, limited liability company, incorporate llc, form a llc, llc incorporation
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