Limited liability company

A limited liability company (LLC) is a United States-specific form of a private limited company. It is a business structure that can combine the pass-through taxation of a partnership or sole proprietorship with the limited liability of a corporation. An LLC is not a corporation under the laws of every state; it is a legal form of a company that provides limited liability to its owners in many jurisdictions.

LLCs are known for the flexibility that they provide to business owners.
Depending on the situation, an LLC may elect to use corporate tax rules instead of being treated as a partnership, and under certain circumstances, LLCs may be organized as not-for-profit.
In certain U.

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