An LLC is a type of business structure in the United States, specific to each state, where the owners might not be personally responsible for the company’s debt or liabilities. LLCs combine limited liability, like a corporation, and pass-through taxation, which means that, unlike a corporation, LLC owners pay taxes on profits earned by the business through their individual tax returns only, as opposed to being taxed at both the business level and the personal level (known as “double taxation”).
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