Limited Liability Company

A Limited Liability Company (LLC) is a business structure that combines the flexibility of a partnership with the protection of personal assets like a corporation. Owners, known as members, are not personally responsible for the company's debts or legal liabilities, meaning their personal finances are shielded. LLCs are relatively easy to set up and maintain, making them popular among small business owners. They also offer tax advantages, as profits can be taxed at the personal level rather than the corporate level. This structure allows for both operational flexibility and limited personal risk.