What is a limited liability company (LLC)?

A limited liability company (LLC) is a type of business entity that is created in South Dakota to protect the owners from personal liability. An LLC is a separate legal entity from its owners, meaning that the owners are not responsible for the debts or liabilities of the LLC. An LLC provides a lot of benefits to its owners. For example, it limits the personal liability of its members, creating a protective barrier between them and any potential claims from creditors or lawsuits. Additionally, an LLC is a pass-through entity for taxes, meaning that the profits and losses of the business pass through to the members, who report them on their personal tax returns. Finally, most LLCs in South Dakota don’t have to publicly disclose their financial information, meaning the risk of identity theft or financial abuse is greatly reduced. LLCs can be used for any type of business, and are an ideal choice for asset protection because they provide legal protection for the owners while offering the same benefits of other business entities.

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What is a limited liability company (LLC)?

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