Accounting Dictionary

LLC

LLC means Limited Liability Company.

When companies incorporate as an LLC the IRS allows them to choose whether they want to be taxed as a partnership, an S corporation, or a C Corporation. A single person LLC can also choose to be taxed as a disregarded entity and file its taxes as part of the individual’s owner’s 1040. The legal protections provided to an LLC can vary from state to state. Most states provide legal protections similar to that of a C corporation.

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