Of all the entity choices available in the United States today, the LLC is in many ways the most flexible and useful option for small business owners and, as will be discussed in more detail below, sophisticated businesses and investors with specific goals in mind. LLCs offer the limited liability feature normally associated with corporations, but LLCs are not burdened by the double taxation and rigid governance requirements that make the corporate form less than ideal. On the other hand, the flexibility of LLCs makes them more costly and complicated to set up than corporations. No form of entity is the right choice in every situation, but as this section discusses, LLCs are quite useful in a variety of scenarios.
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