Please Note: Because of the ommission of a very important word ("no") in the March/April issue an erroneous statement appeared this article. The last sentence in the paragraph immediately below the heading "Basic LLC/S Comparison" should have read, "the formation of an LLC is governed entirely by state law, and NO federal income tax election is involved..." The mistake has been corrected in the text below and was not the fault of the authors. The editors apologize.

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