LLC

An LLC, or Limited Liability Company, is a type of business structure that combines the liability protection of a corporation with the tax flexibility of a partnership. It safeguards owners’ personal assets from business debts and legal actions, meaning their personal property isn’t at risk if the business faces financial trouble. LLCs are easy to operate and offer pass-through taxation, so profits and losses are reported on the owners’ personal tax returns. This structure is popular among small to medium-sized businesses for its simplicity, flexibility, and protection.