LLC (Limited Liability Company)

A Limited Liability Company (LLC) is a business structure that combines the flexibility of a partnership with the liability protection of a corporation. This means that the owners, known as members, are generally not personally responsible for the company's debts or legal troubles. An LLC can have one or multiple members, and it allows for simple management while offering tax benefits, as profits can be taxed on the members' personal tax returns instead of at the business level. Overall, an LLC provides a way for individuals to limit their risk while engaging in business activities.