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Limited Liability Companies (LLCs)

A Limited Liability Company (LLC) has a membership structure and taxed in a similar manner to that of a partnership, with each member of the LLC paying tax on their share of the profits.  However, the LLC is a separate legal entity whose members' liability is limited to the amount of their capital contribution.

The right to manage the LLC is vested in the members themselves, in proportion to their contributions, although the members have the option of appointing a manager.