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Read More - Limited Liability Companies
Similar to corporations, limited liability companies (LLC) provide businesses with a shield of limited liability, but with a tax treatment and flexibility similar to a partnership. Under a LLC structure, personal assets (e.g., a home, personal vehicle, etc.) are not subject to the debts and liabilities of the company. This liability shield is not fool proof, however. As with corporations, under limited circumstances a person can "pierce the corporate veil" and can reach an individual's personal assets.
