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Limited Liability Companies:
Company with simple management structure
LLC advantages
Simple taxation, limited liability and taxation
Disadvantages of LLC
Laws vary from state to state
Operating Agreement
The most important document for an LLC
LLC are
Fairly new; invented in 1970
Limited Liability Partnerships
were invented to help groups of professionals like lawyers doctors veterenians accountant to give them business association
Limited partnership
Is old
Limited partners
Investors; by law they can’t be part of management
General Partners
Take part in management; have no limitations of liability
Types of
members managed
Manager managed
Members Managed
All members/owners participate in the decision making of the company
Manager Managed
only managers are authorized to make management decisions, enter into deals, and bind the LLC to contracts.
Note 
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