::Limited liability company


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A limited liability company (LLC) is the United States-specific form of a private limited company. It is a business structure that combines the pass-through taxation of a partnership or sole proprietorship with the limited liability of a corporation.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> An LLC is not a corporation; it is a legal form of a company that provides limited liability to its owners in many jurisdictions. LLCs do not need to be organized for profit.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> In certain U.S. states (for example, Texas), businesses that provide professional services requiring a state professional license, such as legal or medical services, may not be allowed to form an LLC but may be required to form a very similar entity called a Professional Limited Liability Company (PLLC).<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>

Limited liability company sections
Intro  Overview  Flexibility and default rules  Income tax  Advantages  Disadvantages  Variations  International equivalents  See also  References  

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