Limited Liability Company (LLC)

An LLC is a form of business entity that offers its owners (called "members") one of the main advantages of the corporate form of business (i.e., they are not personally liable for the obligations of the company), the ability to be taxed like a partnership (or a corporation, if the LLC so chooses), and the option of being run like a partnership or a corporation (i.e., managed by all of the members or by managers).