Limited liability companies have gained popularity the past few years and here are the top reasons why:
1) Easy setup: Unlike other legal structures, LLC are the easiest to setup.
2) Lower taxes: There are tax benefits of starting LLC. Few states have lower franchise and sales tax as compared to other forms of entities like INC.
3) Liability protection: Unlike Sole proprietors, LLC owners are protected from the legal debt and obligations of the limited liability company. In a general partnership, the sole proprietor or partners assets are liable for debts incurred by the company.
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