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In the “alphabet soup” of entity choices, the limited liability company (LLC) is a frequent favorite. Whether you’ve been in business a while or you’re just starting out, it’s good to get a grip on some essentials of the LLC business type. An LLC is a separate entity that can have its own rights and responsibilities, similar to an individual or corporation. For example, LLCs can buy property, lend money, invest money, make contracts, sue and be sued. States typically require annual report filings for LLCs, similar to corporate annual reports. Learn about operating agreements, LLC members and managers, taxation and more.
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