Limited Liability Company (LLC)

A Limited Liability Company (LLC) is a business structure that combines the benefits of both a corporation and a partnership. It protects its owners, called members, from personal liability for business debts, meaning their personal assets are generally safe if the business fails. An LLC offers flexibility in management and is often easier to set up and maintain than a corporation. Additionally, profits can be passed directly to members without facing corporate income tax, providing potential tax advantages. Overall, an LLC is a popular choice for small businesses and entrepreneurs seeking protection and flexibility.