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Flashcards in LLPs and LLCs Deck (3)
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1
Q

Why is it said that LLPs and LLCs are the “best of both worlds”?

A

They give limited liability to all members AND they possess the tax benefits of a pass-through entity.

2
Q

What does LLP stand for?

A

Limited Liability PS

3
Q

What does LLC stand for?

A

Limited Liability Corporation