Definition: an alternative, hybrid business entity with the combined characteristics and benefits of both limited partnerships and S corporations.
Pronunciation: \ˈli-mə-təd\ \ˌlī-ə-ˈbi-lə-tē\ \ˈkəmp-nē, ˈkəm-pə-\
Used in a Sentence: We decided to form a limited liability company to start our business.
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