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What is the most common type of business structure?
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The most common form of business structure is a Limited Liability Company (LLC). An LLC is a business entity that combines the limited liability protection of a corporation with the pass-through taxation of a partnership. This means that income and losses are passed through to the individual owners, who report them on their personal tax returns. LLCs can also provide additional benefits such as allowing members to participate in management decisions and protecting personal assets from liabilities incurred by the company.