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A limited liability company (LLC) is a hybrid entity that combines desirable characteristics of corporations, limited partnerships and general partnerships. Most significantly, LLCs offer a full liability shield and maximum flexibility with respect to federal income taxation. In 1977, Wyoming became the first state to enact an LLC statute. Wyoming Wyo. Stat. §§ 17-15-101 to 17-15-136 (1977). Since then, every state in the United States has enacted a form of LLC law. Although an LLC is not well-suited for every endeavor, it is the entity of choice in most cases.

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