Glossary Terms

Limited Liability Company

A limited liability company, commonly called an “LLC,” is a corporate structure in which a company’s shareholders cannot be help personally responsible for the company’s debts or liabilities.

A limited liability company, commonly called an “LLC,” is a corporate structure in which a company’s shareholders cannot be help personally responsible for the company’s debts or liabilities.

An LLC is a legal hybrid that shares elements of a corporation and a partnership. Notably, an LLC features the liability protection of a corporation while allowing income to be distributed to the owners as individuals (and thereby taxed accordingly).