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What is an LLC?

An LLC, or Limited Liability Company, is a type of business structure that combines the benefits of both a corporation and a partnership. Here are some key features of an LLC:

1. Limited Liability: Owners (called members) are not personally liable for the company’s debts and liabilities. Their personal assets are generally protected if the business incurs debt or faces legal action.
2. Flexibility: LLCs offer flexibility in management and organization. Members can manage the business themselves or hire managers to run it.
3. Pass-Through Taxation: An LLC typically enjoys pass-through taxation, meaning the business itself is not taxed. Instead, profits and losses pass through to the members’ personal tax returns, avoiding the double taxation that can occur with corporations.
4. Ease of Formation and Compliance: Forming an LLC is generally simpler and less costly than forming a corporation. Compliance requirements are also usually less stringent.
5. Operating Agreement: While not always required, an LLC can create an operating agreement to outline the management structure, roles of members, and operational procedures.
6. Versatility: An LLC can be owned by one person (a single-member LLC) or multiple people (a multi-member LLC), and members can include individuals, corporations, other LLCs, and foreign entities.

Because of these benefits, an LLC is a popular choice for many small business owners looking for personal liability protection and operational flexibility.