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Limited Liability Companies

The hallmark of all Limited Liability Companies is their hybrid legal structure.  An LLC enjoys the liability shield of a corporation, and the tax advantages and other flexibilities traditionally available only to partnerships.  Similar to a corporate entity, LLCs may be managed by members or non-members in the LLC.  LLC managers have fiduciary duties that mirror directors’ and officers’ duties in a corporate structure, and members of an LLC owe each other duties of loyalty and care.  Generally, neither members, managers, nor agents of an LLC are subject to any debts, obligations or liabilities of the LLC or each other, whether arising in tort, contract, or otherwise.  While the liability limitation afforded to all LLC members and managers is broad, it is not absolute.  There are particular claims that a third party can assert against LLC members or managers in their individual capacities, e.g., where members or managers participate in a tort in furtherance of the company’s business.

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