LLC (Limited Liability Company)

An LLC is a business structure in the United States that offers personal liability protection to its owners, known as members, and passes income through to the owners to avoid the double taxation that corporations can face. It provides flexibility in management and operation and does not require the strict formalities that corporations do. LLCs can be managed by members or managers, and they can have one or multiple members. The LLC structure is often chosen for its combination of limited liability and pass-through taxation.