| The Limited Liability Company or LLC is not a | | | | and more popular, and it's easy to see why. The |
| partnership or a corporation. Limited Liability Company | | | | Limited liability Company (LLC) provides the desired |
| (LLC) is a relatively new business structure allowed by | | | | limited liability while avoiding some of the drawbacks |
| state statute. An LLC is a distinct type of business that | | | | (like double taxation and excessive paperwork). They |
| offers an alternative to partnerships and corporations, | | | | combine the personal liability protection of a |
| by combining the corporate advantages of limited | | | | corporation with the tax benefits and simplicity of a |
| liability with the partnership advantage of pass-through | | | | partnership. In addition, they're more flexible and require |
| taxation. | | | | less on going paperwork than corporations. |
| Limited liability companies, or LLCs, are becoming more | | | | |