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A Limited Liability Company, or LLC, is a relatively new concept. LLCs have grown in popularity because of their limited personal liability feature. The creation of a business structure, such as an LLC, is made possible by state statute. This means that LLC rules can vary slightly from state to state. For example, most states permit a single owner to form a Limited Liability Company.
Federal regulations prohibit certain types of businesses such as banks, not for profit organizations and insurance companies, from forming an LLC. |
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