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What is a limited liability company, or LLC, or LLP?

Our Professional Answer:

People form limited liability companies to enter into a business with other people. It protects their interest, it limits their liability for the damages that the business may cause to other people. And like a limited liability partnership which is for professionals, lawyers, doctors, accountants, it can give you protection against things that happen in the business and give you and your partner security of ownership of the entity.