Limited Liability Companies For Dummies


Limited Liability Companies, or LLCs, are a business entity that you can think of as a merger of the partnership and the corporation with all the good qualities of each and none of the bad. This type of business structure offers full limited-liability protection to all the owners (like the corporation), yet has pass-through tax status (like the partnership). In addition, the LLC has a second layer of liability protection that shields the business from any personal lawsuits that may befall you. Overall, the LLC offers great benefits to business owners.