Limited Liability Company (LLC) combines the benefits of both partnership and a corporation.
A limited liability company (LLC) is a type of business entity that combines aspects of a corporation and a partnership. An LLC protects your personal assets from creditors and lawsuits, and depending on how you set up the business, you can be taxed as a sole proprietorship, partnership, or corporation. This type of business structure provides the most flexibility. LLCs do not have shareholders, but they can have multiple owners.
They keep the tax advantages of sole proprietorships as well as the limited liability of corporations. LLCs can choose between various tax treatments. The Limited Liability Company retains its flow-through taxation status as long as it chooses not to be treated as a corporation.
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