Limited liability companies (LLCs) are a form of corporation with its liability limited. It may be considered as a toned down version of corporations. Usually large LLCs get turned into corporations. While corporation is a favourable business structure for high growth businesses, they also involve more paper-work and compels you to put more information about your company, in public. That's why if you are just starting out LLP and LLCs are the most favourable business structure, until you achieve and are able to sustain a high revenue, growth rate and investments into your business. Limited liability partnerships (LLPs) are a favoured choice for business owners in the US as it has a unique way of combining key elements of corporations and partnerships and offers the best of both worlds for small businesses. Although there are some mammoth businesses operating this legal structure, for example, consulting firms and law firms, these are usually the preferred choice of operation for
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