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In general: An LLC is a hybrid between a partnership and a
Corporation in that it combines the "pass-through" treatment of a
partnership with the limited liability accorded to corporate shareholders.
Separate Legal Entity: Like limited partnerships and
corporations, an LLC is recognized as a separate legal entity from its members.
Limited Liability: Ordinarily, only the LLC is responsible for
the company's debts thus shielding the members from individual liability.
Management and control: Management and control of an LLC is
vested with its members.
Duration: We usually associate an LLC to each project and terminate
the LLC with the project.
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