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The profits become the members' income, and they then pay individual income tax on those profits. This means that members have full exemption from personally liability for business debts and obligations.

While the limited liability feature is similar to that of a corporation, the availability of flow-through taxation to the members of an LLC is a feature of partnerships.

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LLC may not be a suitable option when the founder's objective to   become a publicly listed company

LLC has to be dissolved upon the death or bankruptcy of a member, unlike a corporation.

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Are hybrid entities

Combine the characteristics of a corporation and a partnership.

LLCs have some attractive features.

Provides more flexibility along with the protection,

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A corporate structure whereby the members of the company are not personally liable for the company's debts or liabilities.

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Has responsibilities such as:

Enter contracts.

Loan and borrow money. sue and be sued.

Hire employees.

Own assets and pay taxes.

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A corporation is created when it is incorporated by a group of shareholders who have ownership of the corporation.

They are not personally liable for the company's debts.

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Corporations enjoy most of the rights and responsibilities that an individual possesses.

Shareholders may take part in the profits through dividends and the stock appreciation.

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Legal entity that is separate and distinct from its owners.

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Business such as:

Apple + Hermes

BMW + Montblanc

Balmain + H&M

have being partner up with other people.

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All partners might share liabilities and profits equally.

Some partners may have limited liability.

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Various partnership arrangements are possible.

All partners might share liabilities and profits equally.

Partners are not considered employees for tax purposes.

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Formal arrangement in which two or more parties cooperate to manage and operate a business.

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The owner remains personally liable for all the business's debts.

Owner has to pay the business debts with his or her own money.

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Can operate under the name of its owner or under a fictitious name.

Ease of setup, need only register his or her name and secure local licenses, and it's ready to go.

Nominal cost.

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'Nancy's Nail Salon.'

If business runs into financial trouble, creditors can bring lawsuits against the business owner.

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Simplest business in which anyone can operate business.
It is no legal entity.
It refers to the person who owns the business and is personally responsible for its debts.