A Limited Liability Company (LLC) is a hybrid of apartnershipand acorporation. The main benefit is, as the name suggests, limiting liability of the owners. This is a property they share with corporations. The other advantage is that profits are taxed as personal income, and this is usually lower than what corporations pay.

A Limited Liability Company is a formal business structure that is the simplest to form and maintain. It offers some of the same benefits of a corporation, without the costs and compliance complexity. Business owners who are looking for personal liability protection, tax flexibility, and management options may find that forming an LLCwill be an ideal choice for their company.