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Partnerships > LLPs and LLCs > Flashcards

LLPs and LLCs Flashcards

1
Q

Why is it said that LLPs and LLCs are the “best of both worlds”?

A

They give limited liability to all members AND they possess the tax benefits of a pass-through entity.

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2
Q

What does LLP stand for?

A

Limited Liability PS

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3
Q

What does LLC stand for?

A

Limited Liability Corporation

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Partnerships (6 decks)

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