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lawprofessor's Articles in General Legal Issues

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  • LLC's: Where do the profits go?
    A limited liability company, or LLC, has a very unique personality, one that may take some getting used to for Americans. There is the partnership/sole proprietorship and the corporation. And then there is the LLC, which combines the benefits of both of these structures and in effect, is has its own identity. One of the key aspects of an LLC that is so different than in any other business structure is that the terms "shareholders" and "partners" can be tossed out and replaced with "members."
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