Limited Liability Company (LLC)

A Limited Liability Company (LLC) is a business structure providing limited liability to the owners, but is taxed as a partnership.

Owners of an LLC are called members. (Most states do not restrict ownership, and so members may include individuals, corporations, other LLCs and foreign entities. There is no maximum number of members.) Most states permit “single-member” LLCs, for those having only one owner.

A few types of businesses generally cannot be LLCs, such as banks and insurance companies.