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What is required to be recognized as a non-corporate entity?
In order to be recognized as a non-corporate entity, there cannot be more than four corporate characteristics, as follows:
a) Continuity of life;
b) Centralization of management;
c) Free transferability of interest; and
d) Limited liability.
When establishing the LLC, Delaware law allows you to carefully select what type of characteristics the entity should have.
Otherwise it will be deemed a corporation.
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