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Deductions & credits
For the record:
LLC = Limited Liability Company (this entity is registered at the state level and is not a corporation). LLCs have members.
Partnerships are, by definition, unincorporated and are typically registered at the state level. Partnerships have partners (general and/or limited).
Corporations are registered at the state level and have shareholders (except certain non-stock corporations). The most common types are "S" and "C" corporations, so named for subchapters of the Internal Revenue Code.
‎October 1, 2020
3:44 PM
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