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Limited Liability Company (LLC)
A Limited Liability Company is formed by filing articles of organization with the
individual state's Secretary of State. Owners of an LLC are called members. Members may
include individuals, corporations, other LLCs, and foreign entities. An LLC can be
formed by one or more members, and there is no maximum number of members. LLCs are
generally the preferred entity structure for certain professionals and landlord as it is
a corporate structure where the members (owners) cannot be held personally liable for
the company's liabilities, LLCs have flexibility as the owners can file as a
partnership, S Corporation or even sole proprietor since the LLC is really a legal and
not tax designation.