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Jott.com | Voice-to-Text Notes, To Dos & Reminders. Voicemail-to-Email and Text Message. Update Salesforce with a Phone Call. Limited liability company. A limited liability company (LLC) is a flexible form of enterprise that blends elements of partnership and corporate structures. An LLC is not a corporation; it is a legal form of company that provides limited liability to its owners in the vast majority of United States jurisdictions. LLCs do not need to be organized for profit. [citation needed] Certain types of businesses that provide professional services requiring a state professional license, such as legal or medical services, may not form an LLC but use a very similar form called a Professional Limited Liability Company (PLLC).
Overview[edit] 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). LLC members are subject to the same alter ego piercing theories as corporate shareholders. Flexibility and default rules[edit] Income tax[edit] Advantages[edit] Disadvantages[edit] Variations[edit]
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