Limited Liability Company (LLC)
Definition - What does Limited Liability Company (LLC) mean?
A limited liability company is a business that is structured neither to be a corporation, nor a partnership, nor a sole proprietorship. Rather, it functions as a sort of mixture of the different types of businesses. Members of a limited liability company cannot be taxed individually for company debts. In this aspect, limited liability companies are similar to corporations. However, limited liability companies are taxed more similarly to partnerships.
Justipedia explains Limited Liability Company (LLC)
Limited liability companies, or LLCs, create incentive for people to create businesses because they offer some of the benefits of corporations without all of the responsibilities. So, they are commonly used for people opening small businesses. An example of an LLC would be a local pet store whose owners organized their business as an LLC to try to prevent the risk of being held accountable for the company's debts and other liabilities. Many different businesses commonly register as limited liability companies.
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