Limited Liability Companies

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S corporations

a corporation that provides limited liability to its owners and the tax status of a flow-through entity

limited liability company

a hybrid form of business enterprise that offers the limited liability of a corporation and the tax advantages of a partnership

members

a person who has an ownership interest in a limited liability company

operating agreement

an agreement in which the members of a limited liability company set forth the details of how the business will be managed and operated

piercing the company veil

when a court holds members of an LLC personally liable for the debts of the organization


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