What Is a Limited Liability Company?

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More commonly known by the acronym LLC, a limited liability company seemingly comes with a lot of benefits. Establishing this kind of business structure can work for anything from a sole proprietorship to a large business with numerous employees. 

Moreover, designating a business as an LLC can legitimize it in the eyes of some customers, and make acquiring assets a little easier, legally speaking. But having an LLC also comes with additional responsibilities. So, what type of businesses fit well into the LLC framework? We're taking a look at everything you need to know about limited liability companies here.