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Many people are surprised to learn that the LLC business entity is a fairly recent phenomenon. Wyoming was the first state to legislate the creation of LLCs in 1977. Most states didn’t jump on the LLC bandwagon until 1988 when the IRS classified the LLC as a pass through entity for tax purposes. This ruling turned LLCs into the popular monster
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This newly created entity within the United States has been around for many years in other countries. It is commonly used in Germany, in fact. But, what is LLC? How does it work and why is it a benefit to you or to others who use it? There are some things to consider prior to getting involved with a limited liability company. First, knowing what an
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Bulletproof" Your Wealth with Family Limited Partnerships and LLC's A limited partnership is a partnership that has at least one limited partner and one general partner. Most states require the filing of a certificate with the state in order to be recognized as a limited partnership.The limited partners generally have no liability beyond their contribution to the partnership. If the limited
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