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A limited liability company (LLC) IS hybrid legal entity having certain characteristics of both a corporation and a partnership or sole proprietorship (depending on how many owners there are). An LLC is a type of unincorporated association distinct from a corporation. The primary characteristic an LLC shares with a corporation is a limited liability and the primary characteristic it shares with a partnership is the availability of pass-through income taxation.[6] It is often more flexible than a corporation, and it is well-suited for companies with a single owner.[7]