A Limited Liability Company (LLC) is a relatively new business structure allowed by state statute. This type of entity is very popular because, similar to a corporation, owners have limited personal liability for the debts and actions of the LLC. However, unlike the Corporation, this entity is more flexible in so for as management flexibility and the benefit of pass-through taxation.
Owners of an LLC are called members. Since most states do not restrict ownership, members may include individuals, corporations, other LLCs and foreign entities. There is no maximum number of members. Most states also permit “single member” LLCs, those having only one owner.