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Limited Liability Partnership
limits partner's risk of losing their personal assets to the outcomes of only their own acts
an entity unto itself , ability to raise money
state chartered,don't lose your personal assets
taxed like sole proprietorship, no more than 100 shareholders,only 25% of income from passive sources ie rent.s royalties, interest.
Limited Liability Corporations
similar to an s corp but without the special eligibility requirements maximum 30 years
group of experienced people who are from diifferent areas of business working together to develop, make and market a new product
independently owned and operated, meets certain standards of size, not dominant in any field
autocracy,decisions made alone,participation, gives reasoning, free-rein get there as best you can
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