A limited liability company (LLC) is a unique business entity that combines the taxation benefits of a partnership with the limited liability status of corporations. The owners of an LLC are referred to as “members” and can range from one to several. For a general overview on different business structures, check out our video series on choosing the right business entity for you.
LLCs are created and governed under state law. Depending on the state of formation, owners can be individuals, corporations or even other LLCs. See the video below for an overview of LLCs, and continue reading for more info.