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What are the advantages of a LLC over a partnership?
Each member enjoys limited liability, as compared to the risk of unlimited liability that general partners must face in a partnership.
Unlike limited partners, LLC owners may participate in company management without fear of losing their protected, limited liability status.
LLC members may be able to avoid the I.R.S. passive-loss limitations and take federal income tax deductions for losses caused by the business – a benefit often unavailable to limited partners.
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