An LLC is a limited liability company and forming a limited liability company is basically to run a business out of or to own real estate or some other type of property. So if you are going into business or you are buying property as an investment, an LLC is one type of entity that you could look at forming, along with a corporation or a partnership. The pros and cons of those different business entity types are numerous, so you really have to get good counsel to make those decisions.
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