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Limited Liability Company (LLC)
A business form consisting of one or more persons or entities filing an operating agreement with a state to conduct business with limited liability to the owners, yet treated as a partnership for tax purposes.
Separate Legal
Refers to a legal entity, such as a corporation, that is legally distinct from its owners.
Taxable Entity
An individual, organization, or corporation subject to taxes on income or transactions by governmental agencies.
Proprietorship
A form of business organization where a single individual owns the company and is responsible for its debts.
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