👉 Noncorporation, also known as a "limited liability company" or "limited liability partnership," is an entity that is not required to have its shareholders be individuals. Instead, it has a limited number of shareholders who are typically considered partners and may include other members who share in the business's profits and losses. In this type of structure, each shareholder holds shares in proportion to their investment in the company, with no voting rights or ownership interests. The shareholders are often responsible for carrying out most
