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How is an LLC different from a corporation?

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How is an LLC different from a corporation?

An LLC stands for limited liability company. And the reason that it has the moniker LLC is because truly the liability of the owner is supposed to be limited as opposed to a corporation who has a lot more exposure to liability through a lawsuit. So if you have a small business, maybe just one to five, six even 10 people involved in the business and LLC is a very good legal entities to select, which gives you a layer of protection between if something happens in the business, somebody suing you individually as opposed to being able to only sue the LLC.

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