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A limited liability company consists of one or more members which
may be individuals, partnerships, limited partnerships, trusts,
estates, associations, corporations, other limited liability companies
or other business entities. The members of a limited liability company
are afforded limited liability similar to shareholders of a corporation
and have pass-through taxes comparable to a partnership.
A limited liability partnership must have two or more partners
whose type of business is to engage in the practice of public accountancy,
the practice of law or the practice of architecture.
Note: If you are a CPA, lawyer or architect, you
cannot practice through an LLC. Instead, you must operate as an
LLP and have at least two persons. To reiterate, if you are a one
person CPA, lawyer or architect, you cannot operate as a LLC or
an LLP.
Note: If the LLC will conduct any business that
requires a license (not a business license but a license to perform
the services you perform), you must check with your licensing entity
to determine if that business can act through an LLC.
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