Series 22: Limited Liability Company (LLC)

Taken from our Direct Participation Programs Representative Exam

Definition of the term Limited Liability Company (LLC)...

a corporate structure that is a "pass-through entity." Profits and losses "pass through" the business to the LLC owners. As with a partnership, business income and losses are reported on the owners' personal income tax returns. As with a corporation, all LLC owners are protected from personal liability for business debts and claims.

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