What is an LLC?
LLC stands for “Limited Liability Company.” It’s a type of business structure that combines the liability protection of a corporation with the tax benefits of a partnership or sole proprietorship.
An LLC is a separate legal entity from its owners, known as members, which limits the liability of its members to the assets of the company.
The members report their share of the profits and losses of the company on their personal tax returns, but the company itself does not pay taxes on its income.
An LLC is one of several legal business entities that can be created when forming a new company.
Some popular services that help entrepreneurs form an LLC include: