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An LLC allows for the flexibility of a partnership structure within the framework of limited liability, such as that granted to corporations. Another advantage of an LLC over a limited partnership is that the formalities required for creating and registering an LLC are much simpler than the requirements most states place on forming Corporations.
The main advantages of an LLC are that it is not subject to double taxation, it is not required to hold an annual shareholder meeting, and it has limited liability. The main drawback of an LLC is that ownership is not as easily transferable as that of a corporation, so it is not ideal if you wish to raise investment money.
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