LLCs are relatively new business entities. They take the best of corporations and partnerships and merge them into one awesome hybrid entity. It has tremendous flexibility in a variety of important ways, which makes it the right choice in many circumstances. For example, they can elect to be taxed in 4 different ways. LLCs taxed as a partnership can allocate profits and losses and distributions any way you want (provided it has substantial economic effect). You can modify most of the governing law on LLCs with few exceptions. They are less burdensome than corporations and less expensive than other entities to maintain. They also are used in estate planning to mirror limited partnerships and have important asset protection benefits if structured properly. Again, LLCs may not be appropriate in some circumstances so invest the time now to get it right or spend the money later.
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