Definition
A Limited Liability Company (LLC) is a legal business structure that combines the limited liability protection of a corporation with the pass-through taxation of a partnership or sole proprietorship. An LLC protects its owners (members) from personal liability for the company's debts and obligations while offering flexibility in management and taxation. LLCs are commonly used for small businesses and startups.
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Private Limited Company (Ltd)
A Private Limited Company (Ltd) is a type of company where the ownership is divided into shares held by a small number of shareholders. The liability of shareholders is limited to the amount unpaid on their shares, and the company’s shares cannot be traded publicly on the stock exchange.
Limited Liability Partnership (LLP)
A Limited Liability Partnership (LLP) is a business structure where partners have limited personal liability for the debts and obligations of the partnership. Each partner’s liability is limited to their investment in the LLP, and they are protected from the actions of other partners.