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Brian Mengel,
Civil Servant
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Amendments were made to the Business Corporation Law regarding the establishment of professional service limited liability partnerships or companies by professionals in the four new mental health professions.
LLCs are taxed as partnerships thereby avoiding the double taxation imposed on a C corporation and afford limited liability to the managing persons.
Corporations, limited liability companies and limited partnerships must comply with strict statutory formalities regarding their creation and continued existence.
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John Fielding,
CEO
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Limited Partnerships and Limited Liability Corporations are the preferred forms of business organization because corporate shares do not receive a step-up in basis for appreciation of the underlying assets when the shares are transferred at death.
Corporations, limited partnerships, limited liability companies and nonprofit organizations owned by corporations do not file at the county level.
Limited partnerships, corporations, and limited liability companies should contact professionals such as lawyers and accountants for filing and reporting.
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John Carthy,
Gun Shop Sales Assistant
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They limited the liability of corporate owners and mangers, then started granting charters that literally lasted forever, and gave corporations the right to operate in any fashion not explicitly prohibited by law.
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Dave Simons,
Internet Entrepeneur
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The Limited Liability Company is an extremely flexible tool which has the limited liability advantages of a corporation and the tax advantages of a partnership or sole proprietorship.
A limited liability company is a hybrid form of business entity that combines attributes of both partnerships and corporations.
Unlike corporations, partnerships and sole proprietorships do not provide limited personal liability for business debts.
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