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THE NEWEST CONTENDER: THE LEGAL LIABILITY COMPANY
It's too early to tell if the limited liability company (LLC) will become a serious option for small and mid-sized businesses. Still, you may want to know what one looks like.
It's best to think of an LLC as a partnership whose partners enjoy freedom from personal liability, like shareholders of a corporation. But wait a minute: Can't we accomplish that by setting up a limited partnership or an S corporation? Well, yes and no.
Example #1: John, Mary, Jim, and Carol form a limited partnership. Since every limited partnership needs at least one general partner, John becomes the general partner; Mary, Jim, …