A hybrid business entity having certain characteristics of both a corporation and a partnership or sole proprietorship.
Like owners of a corporation, however, all LLC owners are protected from personal liability for business debts and claims -- a feature known as limited liability.. This means that if the business owes money or faces a lawsuit, only the assets of the business itself are at risk. Like owners of partnerships or sole proprietorships, LLC owners report business profits or losses on their personal income tax returns; the LLC itself is not a separate taxable entity. A noncorporate business whose owners actively participate in the organization's management and are protected against personal liability for the organization's debts and obligations. The limited liability company (LLC) is a hybrid legal entity that has both the characteristics of a corporation and of a partnership. An LLC provides its owners with corporate-like protection against personal liability. It is, however, usually treated as a noncorporate business organization for tax purposes.  A limited liability company, commonly called an LLC, is a business structure that combines the pass-through taxation of a partnership or sole proprietorship with the limited liability of a corporation. Like owners of partnerships or sole proprietorships, LLC owners report business profits or losses on their personal income tax returns; the LLC itself is not a separate taxable entity. If you're considering starting a company and want to choose between an LLC and Inc. (corporation), here is what you should know about the differences. A limited liability company (denoted by L.L.C. or LLC) is a business structure that provides limited liability to its owners. This means the business is a separate legal entity and the owners (members of an LLC) are not legally liable for some acts and debts of the LLC.  An LLC, or limited liability company, is a newer type of business entity that provides more of the legal protections of a corporation with fewer tax and financial hurdles. You can form an LLC for nearly any new business, but changing an existing business type into an LLC can be more complicated.  The simple definition of a limited liability company (LLC) is that it is a form of business entity that limits the liability of its owners while allowing flexibility in operation and management and passing through its income to its members with no tax at the entity level. Basic Features of an LLC. The basic features of a limited liability company are: 1  Its owners have limited liability for the entity's debts and obligations, similar to the status of shareholders in a corporation, and. 2  Its income and losses are normally passed through to the owners as if it were a partnership. A Limited Liability Company (LLC) is a hybrid business entity having certain characteristics of both a corporation and a partnership or sole proprietorship (depending on how many owners there are). An LLC, although a business entity, is a type of unincorporated association and is not a corporation. A limited liability company (LLC) is the United States-specific form of a private limited company. DEFINITION of 'Limited Liability Company-LLC'. A corporate structure whereby the members of the company cannot be held personally liable for the company's debts or liabilities. Limited liability companies (LLC) differ slightly from one country to the next. However, it is essentially a hybrid entity that combines the characteristics of a corporation and a partnership or sole proprietorship. While the limited liability feature is similar to that of a corporation, the availability of flow-through taxation to the members of a LLC is a feature of partnerships.
http://www.nolo.com/legal-encyclopedia/limited-liability-company-llc-faq-29144.html http://legal-dictionary.thefreedictionary.com/Limited+Liability+Company http://www.nolo.com/legal-encyclopedia/limited-liability-company-llc-faq-29144.html http://www.diffen.com/difference/Inc._vs_LLC http://smallbusiness.chron.com/type-business-qualifies-llc-3744.html http://www.limitedliabilitycompanycenter.com/what_is_an_llc.html https://en.wikipedia.org/wiki/Limited_liability_company http://www.investopedia.com/terms/l/llc.asp
what is a LLc