What is Limited Liability Company (LLC)?

A Limited Liability Company (LLC) is a business structure that combines the flexibility of a partnership with the liability protection of a corporation. Owners (members) of an LLC are not personally liable for the company’s debts or liabilities. LLCs can have one or more members and are often used by small businesses due to their tax flexibility and simpler management requirements. The LLC structure provides limited liability protection while allowing profits to pass through to members, avoiding double taxation.