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Advantages of the Limited Liability Corporation (LLC) Structure

 
• By Michael Lytton

LLC's aren't an unmixed blessing. Since they are relatively new, state laws permit considerable flexibility for most of the key attributes of corporate life. But balancing the freedom offered by LLC's, there is significant complexity and expense.

Question: Now that limited liability companies (LLCs) are an accepted legal structure in all states, is it a good idea for a start-up to establish itself as an LLC instead of as a traditional corporation?

Answer: Before answering, let's start with some definitions. An LLC is a creature of state law, designed to combine the best attributes of a corporation (limited liability, thereby protecting shareholders...

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