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Find out if an LLC is right for your business.
A Limited Liability Company (LLC) is a hybrid between a corporation and a partnership. Business owners in an LLC are not responsible for the debt of the company. In other words, they have limited liability. However, unlike a corporation, the business does not file separate taxes. Instead, each partner (called members) includes their profits on their personal tax return. When creating an LLC, develop an LLC Operating Agreement to set out the financial and working relations among business owners ("members") and between members and managers.
If you are unsure of which structure is best for your business, you can visit a New Jersey Small Business Development Center. Some business owners also seek professional advice from an attorney or accountant.