What is a Limited liability Compnay?

A Limited Liability Company (LLC) is a flexible business structure that combines the liability protection of a corporation with the tax benefits of a partnership. Owners, known as members, enjoy limited personal liability for business debts and obligations, meaning their personal assets are generally protected from business creditors. LLCs can be owned by one or more individuals or entities and are often favored for their simplicity in management and fewer formalities compared to corporations. Additionally, profits and losses can be passed through to members' personal tax returns, avoiding double taxation.