Limited Liability Company

A Limited Liability Company (LLC) is a form of business whose owners enjoy limited
liability, but which is not a corporation. A limited liability company is a flexible form of
enterprise that blends elements of partnership and corporate structures. An LLC is not
a corporation; it is a legal form of company that provides limited liability to its owners.
LLCs do not need to be organized for profit.
In certain US states, businesses that provide professional services requiring a state
professional license, such as legal or medical services, may not be allowed to form
an LLC but required to form a very similar entity called a Professional Limited Liability
Company (PLLC).
A Limited Liability Company (LLC) is a hybrid business entity having certain characteristics
of both a corporation and a partnership or sole proprietorship (depending on how
many owners there are). An LLC, although a business entity, is a type of unincorporated
association and is not a corporation.
The primary characteristic n LLC shares with a corporation is limited liability, and the
primary characteristic it shares with a partnership is the availability of pass-through
income taxation. It is often more flexible than a corporation, and it is well-suited for
companies with a single owner.