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What are the main features of a traditional corporation? What are the main features of a Limited Liability Company? What are the similarities and differences we can look to when trying to determine which entity will best suit our needs in a given situation? In the context of entity selection, discuss the main features of these two entities and compare the liability that a corporation would be exposed to as it relates to shareholders/owners of a corporation as opposed to the members of a limited liability company (LLC). Would your choice change if the situation involved an act of fraud? Why or why not?
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