Limited liability corporations (LLCs) have become "hot" during the past decade, with more and more businesses adopting the form. What's the appeal?

The biggest reason to switch from a plain-vanilla sole proprietorship is to limit liability, as the name says. If you're a sole proprietor, both your business and your personal assets are at risk if someone sues you and wins a judgment against you. Incorporating your business as an LLC puts a wall around personal assets such as your house,...

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